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Question - During the audit of XX Company, the auditor noted in vouching items in Travel Expense that a receipt for $750 for the dinner of a salesman with a prospective customer seemed excessive. Upon closely examining the receipt, it seemed like a 1 had been changed to a 7- changing the receipt from $150 to $750.
Upon examining other items, two other dinner bills appeared to have been altered similarly. Yet, the auditor decided that at most a few thousand dollars were involved for a multi-billion dollar company- the amount was clearly not material. Since the risk of material fraud appeared remote, no additional work was done.
What is the auditor's obligation, if any, to communicate this matter?
Assuming that the individual involved was the senior vice president of sales, what is the auditor's obligation, if any, to communicate the matter?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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