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Mini-case study
Coconut Company approached Marcos' audit firm to audit its financial statements for the year ended a year ago. The company informed Marcos' audit firm that they have attempted to reach its predecessor auditor for the past six months but to no avail and therefore decided to engage Marcos' firm to audit its financial statements for the year ended a year ago (the last financial year audited by the predecessor ended two years ago). Given the above circumstances, Marcos' audit firm has performed a search of predecessor from the Accounting and Corporate
Regulatory Authority and found out that it had been "removed" (dissolved). It was a sole proprietorship and the auditor being the sole proprietor, did not renew its practising license.
Problem 1: Can Marcos' audit firm accept Coconut Company for this audit engagement? Does Marcos' need to seek professional clearance given the above circumstances?
Problem 2: What are the essential requisites to accept a new client?
Problem 3: What are the essential requisites to reject a new client?
Problem 4: What is the importance of Engagement letter?
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?
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Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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