The Reported Fair Market Value of Securities Held by the Client

question 4

Multiple Choice

The reported fair market value of securities held by the client can be verified by the auditor through which of the following procedures?

• A)Comparing the values to those securities held by the auditing firm.
• B)Confirming the fair values with the client as of the close of the year.
• C)comparing the fair values with the fair values of similar securities.
• D)comparing the fair values to credible publications and websites.

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Definitions:

Bilateral

Pertaining to or affecting both sides of the body.

Measurement Unit

Standard quantities used to specify measurements.

Frequency

The rate at which a vibration occurs that constitutes a wave, either in a material (as in sound waves) or in an electromagnetic field (as in radio waves and light).

Pitch

In music, refers to the perceived frequency of a sound; in sports, it's the playing surface for games like soccer and cricket.