DO The Parmalat fraud case involved: A) Kiting of funds between banks in Cayman Island and banks in New York to overstate ending balance. B) A bank reconciliation performed by the client that systematically understated cash. C) A fraudulent cash confirmation. 1 D) Major unrecorded disbursements for equipment. Under the new revenue recognition standard effective after 2017, a U.S. corporation can recognize revenue when A) Revenue is earned by delivery of goods. B) When a sales contract is signed in Paris before Dec 31, 2018. C) A transfer of control happens between the buyer and seller and contractual obligation is satisfied. D) Price has been fixed or determinable as specified in the contract. MBX is a manufacturing firm in the Riverside county with fiscal year end on December 31 of each year. During the New Year Day when Inventory-taking is performed by the staff of MBX, an auditor is supposed to A) Supervise the inventory-taking process to ensure a smooth inventory-taking. B) Train client's staff how to perform inventory-taking correctly. C) Advise client's controller and report on his or her performance to the CFO. D) Observe inventory counting and perform test counts with random samples