Auditing and Assurance Services
Quiz 23: Audit of Cash and Financial Instruments
The Starting Point for Testing the Ending Balance of Financial
The starting point for testing the ending balance of financial instruments accounts is to obtain a gain or loss schedule for the year.
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The auditor needs to have an understanding of the client's internal controls over determining fair value estimates.
A factor that increases inherent risk for financial instruments is the complexity of the relevant accounting standards.
Level 1 estimates require more management judgment than level 2 or level 3 estimates.
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