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CHAPTER 18 AUDITING INVESTMENTS AND CASH BALANCES Spring 2007 - page 12 / 26

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Investments: Understand Internal Controls

Settle transactions

Cash receipts from sales subject to normal cash receipts procedures

Cash disbursements for purchases subject to normal cash disb procedures

Independent reconciliation of brokers advice and stmts with investment subsidiary ledgers

Assess investment performance and reporting

Mgmt periodically reviews performance and classification of investments

Periodic BOD review of investments and policies

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