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Martin and Co. CPAS are beginning the audit of McKeown LLC, a large, multi-national provider of rubber products in domestic and overseas markets. It has
Martin and Co. CPAS are beginning the audit of McKeown LLC, a large, multi-national provider of rubber products in domestic and overseas markets. It has been determined by the partner with overall responsibility for the engagement that the client's accounts contain voluminous amounts of transactions due to the size of the company and its overseas activities. Based on this information, which of the following is correct? O As the client has a large number of transactions in each account to be audited, this may lend itself to the auditor performing audit data analytics (ADA) procedures. O As the client has a large number of transactions in each account to be audited, this may lend itself to the auditor performing traditional audit sampling procedures. O Because the client is a large, multi-national firm with a large amount of transactions representing the total audit population, it is likely that the auditor will need to consult with management to determine the higher risk areas to be audited. O None of the choi
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