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In every audit engagement, the auditors should identify fraud risks that may require an audit response. Described below is a circumstance or factor that may create an increased risk of material misstatement of financial statements due to fraud.
The compensation of management of a telecommunications firm is significantly tied to revenue, and analytical procedures indicate that revenue may be overstated. The company engages in complex sales agreements.
a. For the circumstance, indicate the fraud risk that the auditors should consider.
b. For the circumstance, indicate a possible appropriate response by the auditors.
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits
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Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to e
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