Describe parallel simulation
The auditor writes a program that simulates the application under review. The simulation is used to reprocess production transactions that were previously processed by the production application. The results of the simulation are compared to the results of the original production run.
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The conservative financing strategy results in financing all projected funds requirements with ________ funds and use of ________ funds in the event of an unexpected cash outflow
A) long-term; short-term B) short-term; long-term C) permanent; seasonal D) seasonal; permanent
The auditor's independent estimate of interest expense from notes payable uses average interest rates and
A) average notes payable outstanding. B) year-end notes payable outstanding. C) only notes payable above the level of materiality. D) only notes payable to major lenders.