Ensuring Financial Statements

Name
ACC 321
Instructor
Date
Auditing –Albertina Corporation
Marketable securities available for sale relate to the debt and equity securities that are not trading securities or held to maturity. In auditing marketable securities available for sale account the first thing is obtaining evidence about existence as part of evaluating the assertions. The auditor also needs to establish the completeness of recorded available for sale. The management is responsible for ensuring that financial statements are prepared and are fairly presented in accordance with US GAAP. This extends to maintaining a strong internal control system. Based on this as an auditor, I will consider internal control over the available for sale securities as strong internal controls reduce risks.
There are 1 0,000 Shares of Microsoft Corporation valued at $599,100, while the organization holds 6,000 shares of General Motors Corporation valued at $216,500 and shares in Beta Corporation, which is not listed. The assertions also extend t to valuation and the cutoff. The cut-off for shares of Beta Corporation is $ 100,000, and there is confirmation with Beta Corporation about the amount. Confirmation is also necessary to determine Albertina Corporation has rights to the securities disclosures are also essential to determine w...