Consider the charges brought against the BLMIS auditor, Friehling, regarding his failure to complete certain audit steps. If you were auditing BLMIS, what type of evidence would you like to review to determine whether BLMIS had truly purchased, sold and maintained proper custody of investment securities?
Consider the charges brought against the BLMIS auditor, Friehling, regarding his failure to complete certain audit steps. If you were auditing BLMIS, what type of evidence would you like to review to determine whether BLMIS had truly purchased, sold and maintained proper custody of investment securities?
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According to paragraph #21 of AU Section 326, To be competent, evidence, regardless of its form, must be both valid and relevant. Indeed, the validit…View the full answer
Related Book For 
Auditing and Accounting Cases Investigating Issues of Fraud and Professional Ethics
4th edition
Authors: Jay Thibodeau, Deborah Freier
ISBN: 978-0078025563