custody

2. Which of the following control objectives would be least likely be considered by the internal auditors in drafting the audit procedures for bank accounts and banking arrangement activities under the Acquire-to-Retire process? Group of answer choices To ensure that fund transfers and automated methods of effecting banking transactions are valid and verified, in the best interests of the organization, and authorized. To ensure that banking arrangements and facilities are sufficient, appropriate and adequate for the business. To ensure that the potential for staff malpractice and fraud are minimized. To ensure that all banking transactions are bona fide, accurate and authorized whenever necessary. To ensure that all income from bank is recorded without delay. To ensure that overdraft set facilities are authorized and correctly operated within the limits defined by management and the organization's bankers. To ensure that banking charges are effectively monitored and…

Requirement:  Indicate where management assertions are being validated by the below substantive auditprocedures. Existence/Occurrence(E/O) Rights &obligations(R/O) Completeness(C) Valuation andallocation/Accuracy(V/A) Presentation& disclosure(P/D)   a. Inspect securities on handand confirm securitiesheld by custodian.b. Trace serial numberindicated in the securityto the list of investmentsecurities maintained bythe client.c. The investment securitieslisted on the schedule ofinvestment transactionsof the client aremathematically accurateand agree with thegeneral ledger.d. Read minutes of meetingof board of directorsregarding investmentsused as collateral forborrowings.e. Recalculate gains andlosses on sale ofsecurities.f. Recalculate interest anddividend revenues.g. Inspect securitiessimultaneously with countof other liquid assets.h. Verify fair values ofsecurities with publishedprice quotations.i. Obtain an understandingon management’s processin classifying…

When auditing contingent liabilities, which of the following procedures would be MOST effective? a. Reviewing the allowance for doubtful accounts. b. Reviewing the bank cutoff statement. c. Examining customer confirmation replies. d. Examining invoices for repairs expense. e. Abstracting the minutes of the board of directors.

Which of the following audit procedures would not likely be performed for audits of investments?a. Read board of directors’ minutes for authorization of investment strategies.b. Confirm investments with registrar.c. Confirm investments with broker or trustee.d. Compare valuation to published market prices.

Three common types of attestation services are:-  A) audits of historical financial statements, reviews of historical financial statements, and audits of internal control over financial reporting.B) audits of historical financial information, verifications of historical financial information, and attestations regarding internal controls. C) reviews of historical financial information, verifications of future financial information, and attestations regarding internal controls.D) audits of historical financial information, reviews of controls related to investments, and verifications of historical financial information

Substantive audit procedures Existence/Occurrence(E/O) Rights &obligations(R/O) Completeness(C) Valuation andallocation/Accuracy(V/A) Presentation& disclosure(P/D) a. Inspect securities on handand confirm securitiesheld by custodian.           b. Trace serial numberindicated in the securityto the list of investmentsecurities maintained bythe client           c. The investment securitieslisted on the schedule ofinvestment transactionsof the client aremathematically accurateand agree with thegeneral ledger.           d. Read minutes of meetingof board of directorsregarding investmentsused as collateral forborrowings.           e. Recalculate gains andlosses on sale ofsecurities.           f. Recalculate interest anddividend revenues.           g. Inspect securitiessimultaneously with countof other liquid assets.           h. Verify fair values ofsecurities with publishedprice quotations.           i. Obtain an understandingon management’s processin classifying…

Following are seven audit activities.a. Examine invoices supporting recorded fixed asset additions.b. Review industry databases to assess the risk of material misstatement in the financialstatements.c. Summarize misstatements identified during testing to assess whether the overallfinancial statements are fairly stated.d. Test computerized controls over credit approval for sales transactions.e. Send letters to customers confirming outstanding accounts receivable balances.f. Perform analytical procedures comparing the client with similar companies in theindustry to gain an understanding of the client’s business and strategies.g. Compare information on purchases invoices recorded in the acquisitions journalwith information on receiving reports.For each activity listed above, indicate in which phase of the audit the procedure waslikely performed.1. Plan and design an audit approach based on risk assessment procedures (Phase I)2. Perform tests of controls and substantive tests of…

Please see attached screenshot. Thank you!!!!

Three common types of attestation services are Select one: O a. audits of historical financial information, verifications of historical financial information, and attestations regarding internal controls. b. reviews of historical financial information, verifications of future financial information, and attestations regarding internal controls. audits of historical financial statements, reviews of historical financial statements, and audits of internal control over financial reporting. O d. audits of historical financial information, reviews of controls related to investments, and verifications of historical financial information.

Which financial item of a bank is audited when the auditor pays particular attention toestablishing the ownership of instruments held in bearer form and whether there are anyencumbrances on the title to the instruments? A. Due from other banksB. Securities held for trading purposesC. Investments in Subsidiaries and Associated EntitiesD. Loans