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Question - Tracy Sangster is employed by an accounting firm and has recently been assigned to the audit of Enviro Ltd., a publicly listed company. This is a new audit client for Tracy's firm, as Enviro Ltd. replaced its auditors after seven years with a local audit firm. Management at Enviro Ltd. has indicated that it will NOT allow audit confirmations to be used to determine possible misstatement in the accounts receivable balance. Management stated that the previous auditor had NO issue with this limitation. Accounts receivable is material to Enviro Ltd.'s financial statements.
Required -
a) Describe alternative procedures that could be used, instead of confirmations, to appropriately test the accounts receivable balance.
b) Identify the implication to the independent auditor's report if sufficient evidence is provided by the alternative procedures.
c) Identify the implication to the independent auditor's report if insufficient evidence is obtained by the alternative procedures.
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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