Required inforRequired information. A sample internal control questionnaire question may ask about $\_\_\_\_\_\_\_\_\_\_$ inherent in the investment policy.risk$2.$ An important step in testing investments is to ensure all persons with access to investments are properly $\_\_\_\_\_\_\_\_\_\_\mathrm{.}3.$ An investment committee is a standing committee of $\_\_\_\_\_\_\_\_\_\_.$the board of directors$4.$ After testing internal controls related to investments, it may be necessary to $\_\_\_\_\_\_\_\_\_\_$ the risk of material misstatement$\mathrm{.}5.$ Sometimes auditors may $\_\_\_\_\_\_\_\_\_\_$ securities on hand.

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Controls Related to Financial Investments

Adequate internal control over financial investments is an important process for clients holding these investments. Auditors need to be sure they understand and assess these controls.

Financial investments can result in very complex audit procedures and often require auditors with specific skills and knowledge. Often specialists are brought in to perform the substantive procedures, but most auditors are able to assess and understand the controls relevant to financial investments.

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Audit Objectives for Cash

Auditors are concerned with assertions in creating their audit steps. When creating and tailoring audit steps, auditors must keep the assertions and objectives in mind.

A well$-$designed substantive portion of an audit includes all necessary assertions. When designing procedures, auditors must be mindful that they have included all objectives in their substantive procedures.