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Unformatted text preview: is extensive follow up of all outstanding loans weekly. You have recommended a new computer system for the past 2 years, but management believes the cost is too great, given their low profitability. Collections are an ongoing problem because many of the customers have severe financial problems and the housing market precludes refinancing. Because of adverse economic conditions, loans receivable have significantly increased and collections are less than normal. In previous years, you have had relatively few adjusting entries. Recommend an evidence mix for the audit of outstanding loans. E = Extensive amount of testing. M = Medium amount of testing. S = Small amount of testing. N = No testing....
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.
- Fall '08