1. Tests of controls in the finance and investment cycle
a. normally focus on tests of transactions
b. primarily involve observing physical security of assets
c. typically amount to inquiries and observations related to management involvement
d. can significantly reduce the extent of substantive tests

2. the decision of a company to have a transfer agent handle exchanges of shares as related primarily to which of the functional responsibilities?
a. rights and obligations
b. custody
c. record keeping
d. periodic reconciliation

Answer rating: 100% (QA)

1 A normally focus on tests of transactions Substantive testing is an audit procedure that examines ... View the full answer