The role and responsibilities of the auditor with regards to the audit of investment services companies as regulated by the Investment Services Act

Abstract

Jones defines investment as 'the commitment of funds to one or more assets that will be held over some future period.' In this regard, investments are thus concerned with the management of an investor's wealth, which generally consists of financial assets and marketable securities. However, defining investment in a legalistic way is not easy and in fact this difficulty has prompted Pennington to state, "an investment, like an elephant, is more easily recognised than defined."