A client is holding securities as collateral for an outstanding account receivable. During the course of the
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Question:
A client is holding securities as collateral for an outstanding account receivable. During the course of the audit engagement, the CPA should
A. Verify that title to the securities rests with the client.
B. Determine that the amount recorded in the investment account is equal to the fair market value of the securities at the date of receipt.
C. Examine the securities and determine their fair value.
D. Refer to independent sources to determine that recorded dividend income is proper
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
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