Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XYZ Company has investment securities held by a broker. An auditor is reviewing the last broker's statement for the year. For each of the tests
XYZ Company has investment securities held by a broker. An auditor is reviewing the last broker's statement for the year. For each of the tests 15. select the ASB balance assertions listed in A D that the auditor is testing. 1 Verified the name on the account was the company's name Existence 2 Vouched items Isted on the statement to the investmont account Rights and obligations 3. Vouched purchases listed on the statement to authorization by senior management or the board of directors Valuation of Accuracy 4. The auditor has received a letter of confirmation directly from the broker for investments listed on the statement Completoness The auditor compared the price of the securities listed on the broker's statement with the price listed on that day Existence 5 in The Wall Street Joumal to the price used to record the investment on the balance sheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started