Most municipal and corporate bonds are rated by an independent rating firm such as Standard & Poor’s (S&P) or Moody’s. These ratings provide investors with information regarding the risk of default on the bond issue. The higher rated bonds are considered _________.
When conducting an audit of securities investments, the following objectives and audit steps should be considered EXCEPT:
Most corporations have an annual meeting where stockholders have the opportunity to vote on important issues. These issues include:
Banks generally record securities transactions as of trade date. However, it is acceptable to record the transactions as of the _________ if the difference between the settlement date and trade date is not materially different.
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