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Which is the least effective audit procedure

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Reference no: EM133010783

Problem 1: In providing tests of carrying amount of trading securities, the auditor would usually:

a. Refer to the quoted market prices of the securities

b. Value the securities at cost regardless of their market price

c. Ask management to estimate the market value of the securities

d. Count the securities

Problem 2: Which of the following is the least effective audit procedure regarding the existence assertion for the securities held by the auditee?

a. Examination of paid checks issued in payment of securities purchased

b. Confirmation from the custodian

c. Vouching all changes during the year to supporting documents

d. Simultaneous count of liquid assets

Reference no: EM133010783

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