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You are auditing the financial statements of Bass Corporation for the year ended December 31st, and you are about to begin an audit for the non-current investment securities. Bass's records indicate that the company owns various bearer bonds, as well as 25% of the outstanding common shares of Commercial Industry Inc. You are satisfied with the evidence supporting the presumption of significant influence over commercial. The various securities are at two locations as follows:
1. Recently acquired securities are in the company's safe in the custody of the treasurer.
2. All other securities are in a bank safety deposit box. All securities in Bass's portfolio are actively traded in a broad market.
Required:
Problem a. Assuming that the system of internal control over securities is satisfactory, what are the objectives (specific assertations) for the audit of noncurrent securities?
Problem b. What are the procedures should you undertake with respect to the audit of Bass's investment securities?
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