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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?
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
The Commerce Department reported receiving the following applications for the Malcom Bardrige National Quality Award: 23 from large manufacturing firms, 18 from large service firms, and 30 from small businesses. - Is type of business a categorical..
Use the production and price information in the table to calculatereal GDP for 2009, 2010, and 2011 using 2010 as thebase year.What is the growth rate of real GDP from 2009 to2010 and from 2010 to 2011?
How the Unemployment Rate Affects the U.S. Economy and how the Unemployment Rate Affects
Utilizing a supply and demand diagram, explain how speculative attacks occur in the foreign exchange market.
Illustrate what might a high dividend payout ratio suggest to an analyst about a company's growth prospects.
Graph the isoquant that these calculations imply. Explain in very clear and complete terms why the isoquant has the shape that you observe.
In the US, steel production has remained constant since the 1970s at about 100 million tons per year. Large integrated companies, like United State Steel, remain important in the industry, but roughly 50%.
Do the utility maximizing amounts of X1 and X2 change if P1 increases to 5 while P2 stays constant at 5? Why or why not? Do the utility maximizing amounts of x1 and x2 change if P2 increases to 9 while P1 stays constant at 4? Why or why not? For a ..
Find the optimal (profit maximizing or cost minimizing) output of each firm. Find the price that each firm charges at the when producing the optimal output.
Assume the graph below represents the market demand for a patented prescription drug together with the marginal cost and average cost functions for producing the drug. Draw the marginal revenue function for this firm.
The company claims that the investment will grow to 10 times the original investment over the next 20 years. The company allows you to invest $200 per month for the next 20 years in this activity. If, in fact, the original investment in Greece per..
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