Internal Control Questionnaires and Verification Procedures

Purchases, Sales, and Redemptions

Is the preparation and posting of security and open contractual commitments purchase, sale, and redemption records performed or reviewed by persons who do not also have sole custody of securities or authorization to execute trades?
Are supporting documents, such as brokers’ confirmations and account statements for recorded purchases and sales checked or reviewed subsequently by persons who do not also have sole custody of securities or authorization to execute trades?
Are purchase confirmations compared to delivered securities or safekeeping receipts to determine if the securities delivered are the securities purchased?