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When auditing financial instruments,

futurenurse15

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When auditing financial instruments,

When auditing financial instruments,

▸ the auditor usually performs more extensive substantive testing to reduce reliance on controls.

▸ analytical procedures are critical in assessing the year-end balances for financial instruments.

▸ the auditor relies on statements and broker's advices from investment managers to test purchases and sales as long as controls were deemed effective.

▸ tests of transactions are generally not performed.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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revanchist

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