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The auditor, in order to mitigate their audit risk, is to presume that there is fraud in the reporting of revenues for a firm. Consider a company that manufactures high-tech fiber-optic gear. Assume that the Wall Street analysts believe the industry has good growth prospects. The audit client is predicting a 20% increase in sales and a 27% increase in profits for the year under audit. The auditor is planning the audit and knows the following:a) 65% of all sales are made to just five customers.b) There are three companies with very similar products. One has a moderately larger market share and the other has a significantly smaller market share.c) There are indications that the economy is slowing down and it is expected that a slowdown would affect the market for high-tech products that the company sells.Following the scientific method in this example, what steps would you as an auditor take to assure you have minimized the potential for audit risk (making a positive evaluation of the firm's financial status when it is in fact negative)? Provide the questions you would ask in order to determine the potential for fraud. Identify in your evaluation what questions you would ask in your process of determining the Hypothesis for your evaluation. Once you have determined the hypothesis, what actions would you take to test the hypothesis? Following your test what actions would you take if the hypothesis must be rejected given the outcome of the test?
research two ethical approaches: virtue ethics (value) and deontology (principle) and apply these theoretical perspectives to ethical dilemma that leaders and/or managers at ECG (Expert Consulting Group) may encounter when providing consulting ser..
Explain how can the abolition of cash fight inflation and reduce unemployment.
Budweiser, Miller and Coors who together produce 80% of all beer consumed in the US, each spend well over $250 million a year on television advertising campaigns, promoting their beer brands.
GDP only raise by three quarters of the expected amount. Illustrate what factors might be responsible for this situation.
Very important information regarding calculating the income elasticity of demand
In an attempt to curb the problem of unemployment and win the forthcoming elections the government of the republic of zambia has decided.explain the types and causes of inflation.
Illustrate what other information would you want before you decided where to establish a new production facitily.
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's. What type of marke..
The industry financial performance had not be ideal last year and Jackson feared that taking this action would cause the financial statements to be even worse.
Suppose capital is steady, with three machines and MPPK/MRCK = 30, determine the least cost input combo of labor and capital? How much output is produced?
Choose a nation and an economic concern, such as population, unemployment, etc. Look for the Library and Internet for data sets for the concern that you have chosen.
This seems to have reversed itself somewhat in recent years. Illustrate what factors might have been at work.
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