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Which discoveries by the auditor would not raise red flag

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Reference no: EM132828351

Problem 1: Which of the following discoveries by the auditor would not raise the red flag of increased inherent risk?

a. Management bonuses are based on a percentage of net income

b. A bond indenture requires a current ratio of at least three to one

c. Client makes extensive use of notes receivable and notes payable rather than buying and selling on open account

d. Client is a parent company with a subsidiary

Reference no: EM132828351

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