Auditors testing mutual funds transactions will typically focus on whether customer purchases and redemptions are accounted properly. In cases where brokers are used to maintain customer accounts, auditors may need to confirm:

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A. The number of shares held by the broker

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B. The number of shares held by the dealer

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C. The number of shares held by the shareholder itself

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D. The number of shares held by the mutual fund

Auditors testing mutual funds transactions will typically focus on whether customer purchases and redemptions are accounted properly. In cases where brokers are used to maintain customer accounts…

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