Kent, CPA, who is engaged in the audit of the financial statements of Bass Corporation for the year ended December 31, 19X2, is about to commence an audit of the noncurrent investment securities. Bass's records indicate that the company owns various bearer bonds, as well as 25 percent of the outstanding common stock of Commercial Industrial. Kent is satisfied with evidence that supports the presumption of significant influence over Commercial Industrial. The various securities are at two locations, as follows: 

• Recently acquired securities are in the company's safe in the custody of the treasurer.  All other securities are in the company's bank safe deposit box. 

• All of the securities in Bass's portfolio are actively traded in a broad market. 

Required:

a. Assuming that the internal control structure for securities is effective, what are the objectives of the examination of these noncurrent investment securities? 

b. What audit procedures should be undertaken by Kent with respect to examination of Bass's noncurrent investment securities?