A client has a large and active investment portfolio that is kept in a bank safe deposit box If the auditors are unable to count securities at the balance sheet date, they most likely will a Request the bank to confirm to the auditors the contents of the safe deposit box at the balance sheet date b...

a Incorrect Banks do not open safe deposit boxes b Incorrect Auditors normally do no ...

A client has a large and active investment portfolio that is kept in a bank safe deposit

Question:

A client has a large and active investment that is kept in a bank safe deposit box. If the auditors are unable to count securities at the date, they most likely will
a. Request the bank to confirm to the auditors the contents of the safe deposit box at the date.
b. Examine supporting evidence for transactions occurring during the year.
c. Count the securities at a subsequent date and confirm with the bank whether securities were added or removed since the date.
d. Request the client to have the bank seal the safe deposit box until the auditors can count the securities at a subsequent date.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...