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(a) All companies are vulnerable to fraud, but small businesses are particularly vulnerable. Why do you...

(a) All companies are vulnerable to fraud, but small businesses are particularly vulnerable. Why do you
think this may be the case? What signs of possible fraud may be more pronounced in small
businesses when compared to larger ones?

(b) Do you think the concept of materiality is incompatible with ethical behavior? Consider in your
answer how materiality judgments affect risk assessment in an audit of financial statements.

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Answer #1

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