AUDITING PRACTICE QUESTIONS:

PLEASE answer part i and part ii

2. You have been assigned as an Audit Trainee of Regional Audit Firm. The firm specializes in auditing Financial Institutions like Edward Jones, Fisher Investments, etc. Required: Develop an Audit Program to confirm or refute the assertion that a Fisher Investments that it has in its portfolio a. Short-term marketable securities of $15,000,000, available for sale and b. that it has $5,000,000 bonds that are held to maturity. Assume that have the necessary staff with the requisite experience to conduct the audit. The audit is to take two weeks. Required: I List the steps you will take in examining the assertion. ii. Assume that you found no major issues with the company's records and reporting, draft a two paragraph letter to the Shareholders reporting of what you did and what you found. 2. You have been assigned as an Audit Trainee of Regional Audit Firm. The firm specializes in auditing Financial Institutions like Edward Jones, Fisher Investments, etc. Required: Develop an Audit Program to confirm or refute the assertion that a Fisher Investments that it has in its portfolio a. Short-term marketable securities of $15,000,000, available for sale and b. that it has $5,000,000 bonds that are held to maturity. Assume that have the necessary staff with the requisite experience to conduct the audit. The audit is to take two weeks. Required: I List the steps you will take in examining the assertion. ii. Assume that you found no major issues with the company's records and reporting, draft a two paragraph letter to the Shareholders reporting of what you did and what you found