Identify specific audit procedures that might have led to the detection of the following accounting irregularities perpetrated by Crazy Eddie personnel: (a) the falsification of inventory count sheets, (b) the bogus debit memos for accounts payable, (c) the recording of transhipping transactions as retail sales, and (d) the inclusion of consigned merchandise in year- end inventory X Chapter 1.8 Problem 3Q The retail consumer electronics industry was undergoing rapid and dramatic changes during the 1980s. Discuss how changes in an audit client's industry should affect audit planning decisions. Relate this discussion to Crazy Eddie. X Chapter 1.8 Problem 4Q Explain what is implied by the term lowballing in an audit context. How can this practice potentially affect the quality of independent audit services? Assume that you were a member of the Crazy Eddie audit team in 1986. You were assigned to test the client's year-end inventory cutoff procedures. You selected 30 invoices entered in the accounting records near year-end, 15 in the few days prior to the client's fiscal year-end, and 15 in the first few days of the New Year. Assume that client personnel were unable to locate 10 of these invoices. How should you and your superiors have responded to this situation? Explain. Should companies be allowed to hire individuals who formerly served as their independent auditors? Discuss the pros and cons of this practice