Dividends have not been paid on common stock since inception .
66 . The auditor will examine proceeds and trace them to recorded amounts of the par value of common stock to determine that ( Points : 4 ) shares exist and have valid stock certificates .
proceeds have been properly distributed between common stock and additional paid-in capital .
dividends have been issued in accordance with the stock indenture agreement as approved by the board .
shareholders actually have the rights to shares issued by the company in exchange for subscribed funds .
67 . Which of the following is a tool that is best used by the audit team to determine if the client has included all disclosures ? ( Points : 4 )
Management representation letter . GAAS . Inquiry of the CFO . Checklists .