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Explain how each situation could indicate a fraud risk and how the auditor could confirm or dispel it.
a. An employee can authorize medical insurance claims and enter them into the system for payment without supervisory review. What might happen?
b. The inventory warehouse manager was also responsible for making the physical inventory observation and reconciling discrepancies to the perpetual inventory records. What might happen?
c. The petty cash custodian was replaced and the frequency of fund reimbursement decreased from every two days to every four days. What might you suspect?
d. Both sales and income may have been overstated by recording a false cash sale at the end of the year. What “dangling debit” might give the scheme away?
e. A company may have recorded fictitious sales. What account could you audit to determine whether this has happened?
The correlation between the two stocks is -.15. What are the expected return and standard deviation of the minimum variance portfolio? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%..
Mitts Cosmetics Co.'s stock price is $50.30, and it recently paid a $2.25 dividend. This dividend is expected to grow by 25% for the next 3 years, then grow forever at a constant rate, g; and rs = 13%. At what constant rate is the stock expected to g..
Draw the price-ytm (i) graph for a 5% fixed-coupon bond that has 10 years to maturity (assuming annual coupon payments). Calculate the duration for this bond if the interest rate is 3%. What is the approximate percentage change in price if the intere..
The 2014 balance sheet of Sugarpova’s Tennis Shop, Inc., showed $520,000 in the common stock account and $5.5 million in the additional paid-in surplus account. The 2015 balance sheet showed $560,000 and $5.7 million in the same two accounts, respect..
Holdup Bank has an issue of preferred stock with a $5.05 stated dividend that just sold for $87 per share. What is the bank’s cost of preferred stock?
You hold a stock portfolio worth $15 million with a beta of 1.05. You would like to lower the beta to 0.90 using S&P 500 futures, which have a price of 460.20 and a multiplier of 250. What transaction should you do?
Identify two items or issues that cannot be derived from the financial statements of the two companies that you selected for your research.
ROE Needham Pharmaceuticals has a profit margin of 5.5% and an equity multiplier of 1.8. Its sales are $120 million and it has total assets of $50 million. What is its Return on Equity (ROE)?
In 1991, Mario Smith and Luigi Joseph signed a lease for 3960 South State Street in Philadelphia, Pennsylvania. Joseph paid $6,000 for the first and last month's rent, and said to Smith, “We are in this together, partner.” Smith bought business cards..
You are working on the valuation for an upcoming IPO. The company that wants to sell its stock expects the following future free cash flows (FCF, in millions of dollars): -7 in year 1, 2 in year 2, 17 in year 3, and cash flows are expected to grow st..
What is the required reporting for discontinued operations?
Illustrate the impact on the monetary policy reaction function and on equilibrium inflation and output both in the short run and in the long run.
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