Edmund, who is auditing the books of Windgrove Co, becomes aware of information indicating an illegal act within the company. Edmund must:
a. determine whether an illegal act occurred and, if it did, the possible effect on Windgrove's financial statements.
b. notify the SEC immediately so it can conduct an investigation.
c. resign immediately to avoid criminal liability.
d. notify local law enforcement and remove himself from any association with the company.
a
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The materiality concept states that a company must ________
A) report only such information that enhances the financial position of the company B) perform strictly proper accounting only for significant items C) report enough information for outsiders to make knowledgeable decisions about the company D) use the same accounting methods and procedures from period to period
The holistic marketing framework is designed to address three key management questions. Which of the following is one of those questions?
A) Value claims—how does the company deal with value clutter? B) Value proposition—how can value propositions be made profitable? C) Value erosion—are there weak links in the company's value chain? D) Value network—how can a company effectively network? E) Value exploration—how can a company identify new value opportunities?