Which of the following procedures would an auditor most likely include in the planning phase of a financial statement audit?
a. Obtain an understanding of the entity's risk assessment process
b. Identify specific internal control activities designed to prevent fraud
c. Evaluate the reasonableness of the entity's accounting estimates
d. Perform cutoff tests of the entity's sales and purchases
Ans: a. Obtain an understanding of the entity's risk assessment process
Business
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KLM Royal Dutch Airlines is considering an investment in new routes that should bring in significant revenues in the future. Which of the following will KLM most likely evaluate to determine the value of the investment?
A) external rate of return B) net present value C) foreign exchange D) natural hedge
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