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.

---

Definitions:

Endplay Gauge

A tool used to measure the axial movement or clearance in mechanical components.

Dial Indicator

A precision measurement tool used to measure small distances or angles with high accuracy, often in mechanical engineering.

Rotary Flow

Fluid movement such as that produced by a paddle wheel in water, or propeller in air, that results in centrifugal force. See rotary oil flow.

Oil Flow

The movement of oil through an engine or system to lubricate, cool, and clean internal components.