Which of the Following Audit Procedures Would Not Likely Be

question 80

Multiple Choice

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.

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Definitions:

Depreciation Expense

The allocated amount of an asset's cost over its useful life, used to account for declines in value over time.

Real Estate

Property consisting of land or buildings, including the natural resources and air space above the land.

Appraised

The process of determining the estimated market value of an asset, often performed by a professional appraiser.

Paddleboats

Recreational watercraft propelled by the movement of pedals turned by the operator's feet.