Question: When auditing an investment in another company an auditor most

When auditing an investment in another company, an auditor most likely would seek to conduct which audit procedure to help satisfy the valuation assertion?
a. Inspect the stock certificates evidencing the investment.
b. Examine the audited financial statements of the investee company.
c. Review the broker’s advice or canceled check for the investment’s acquisition.
d. Obtain market quotations from The Wall Street Journal or another independent source.

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