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CHAPTER 18 AUDITING INVESTMENTS AND CASH BALANCES Spring 2007 - page 5 / 26

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Investments Initial Audit Procedures: IR factors

Company policy on risk of investments

Volume of investing transactions generally low

Accounting for investments can become complex

Proper classification of an investment may be contentious (i.e., AFS vs. Trading)

How material are investments?

Short term solvency of entity

Effect of changes in market value (unrealized gain/loss)

Effect of income from investments

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