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Question - Assume that you are auditing a real estate company that owns and rents several apartment buildings. In total, the company owns 22 buildings and has over 1,000 apartments that it rents out on annual leases. You are auditing accounts receivables. From past experience, it has been difficult to get renters to confirm receivables at the end of the year. As an alternative, you choose to use ADA to investigate the relationship between accounts receivable and subsequent cash receipts. Using ADA, you get the following results.
Accounts receivable at year-end subject to ADA
$2,634,008
100.0%
Cash collection equals accounts receivable
2,122,858
80.6%
Cash collection greater than accounts receivable
-
0.0%
Cash collection less than accounts receivable
418,025
15.9%
No cash collected on December 31, 2022, accounts receivable
93,125
3.5%
Required -
1. What assertion(s) is the auditor investigating?
2. How do you interpret the results presented above?
3. What tests would you perform next to determine whether any notable items identified have a valid business reason supporting them?
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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