Fixed assets are acquired during year under audit auditor

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Reference no: EM131556564

1. Bank confirmation requests should only include balances for cash accounts.

2. A derivative instrument is designed to remove the risk of adverse price movements from a transaction.

3. The counting stock certificates held by the company must be done after the balance sheet date to ensure the investments exist at the balance sheet date.

4. In order to check for unrecorded loans in the finance and investment cycle, auditors should search for large cash transactions in the cash receipts journal.

5. An important test for unrecorded debt is to compare the interest expense accounts with long- term debt.

6. When fixed assets are acquired during the year under audit auditors should inspect assets.

7. Investments transactions list on the monthly statement from the broker should be vouched to the broker's advice, proper authorization, and the cash accounts.

8. The most significant inherent risk in the finance and investment cycle is the proper presentation of items on the balance sheet.

Reference no: EM131556564

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