For which of the following internal controls would an auditor be least likely to perform tests of internal controls closer to the "as of" date?
A. Withdrawals from Federal Bank of more than $5 million must include a manager's signature.
B. At the end of each day at Federal Bank, the total cash in the vault is reconciled with daily registers of deposits and withdrawals.
C. Federal Bank has just started establishing trusts for its customers and it has only set up ten such trusts. Before making an investment for a trust, bank employees must verify that the investment is in accordance with stated investment policies.
D. On an annual basis, Federal Bank management performs credit checks on its loan customers before determining the value of loans it will not be able to collect on.
Answer: At the end of each day at Federal Bank, the total cash in the vault is reconciled with daily registers of deposits and withdrawals
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