Following are errors, frauds, or other circumstances that an auditor might encounter as a result of applying audit tests to investments as of the balance sheet date:

a. The client does not maintain detailed records for investments.

b. All debt securities are maintained in a locked, fireproof vault in the treasurer's office.

c. All equity securities are held by independent brokers.

d. The client traded heavily in marketable securities near the end of the year.

e. The market value of selected equity securities fluctuated widely throughout the year.

Required:

For each of the above, indicate: (1) a specific substantive test or tests that might address the error, fraud, or circumstance and (2) the financial statement assertion addressed by each test.