What audit procedures should the investment firms independent auditors has applied to those assets?

Independent auditors of investment firms should apply several key audit procedures to assess the assets' accuracy and valuation. These may include confirming the existence and ownership of securities through third-party confirmations, testing the valuation of investments using market prices or valuation techniques, and reviewing transaction documentation for proper recognition. Additionally, auditors should evaluate internal controls related to asset management and conduct analytical procedures to identify any unusual trends or discrepancies.