Oakdale has a computer link with its broker; thus all buy and sale orders are transmitted electronically. Only individuals with authorized passwords may initiate certain type of transactions. All purchases and sales of short-term securities in the year were made by the treasurer. In addition, two purchases and one sale of long-term securities were executed by the treasurer. The long-term security purchases were approved by the board. The president, having online authorization access to all transactions, was able to approve a sale of a long-term security. The president is given access to authorize all transactions engaged in by the broker as the company’s contact; all revenue from these investments is received by this individual, who then forwards the checks to accounting for processing.