Santa Monica College Substantive Procedures & Investment Cycle Discussion

Question Description

please answer to the questions related to the auditing. I’m gonna attach my professor slides . one small paragraph is enough for each question please make them separate. you can google them but please paraphrase them.

1) Give two examples of substantive procedures in the finance and investment cycle and relate them to assertions about significant account balances at the end of the period.

2) Who is normally responsible for the authorization of investment activities?

Why is the authorization normally performed at this level?

3) What documents would a company need to correctly account for its investment securities?

What information would they obtain from these documents?

4) What documentation should an auditor inspect when a client has paid off a banknote?

How could an employee defraud the company if the banknote has no indication of being paid?

5) How can auditors gain assurance about fair value estimates in the investment cycle?

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