Chapter 16, Problem 16.24P

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. For verifying the records/accuracy of the company or identify which documentation is related to whom, auditors prepare a list of questions before the audit and asked from the company’s employees and this is a process of internal control questionnaire.

To describe:The additional questions that the auditor should include in internal control questionnaire with respect to the company’s investment in debt and equity securities