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Question

Which of the following internal controls would an entity most likely use to assist in satisfying the completeness assertion

Accepted Answer

The treasurer vouches the acquisition of securities by comparing brokers' advices with canceled checks.

Answer

Senior management verifies that securities in the bank safe deposit box are registered in the entity's name.

Answer

The controller compares the current market prices of recorded investments with the brokers' advices on file.

Which of the following internal controls would an entity most likely use to assist in satisfying the completeness assertion related to long-term investments?