You have been assigned to audit the fixed assets of Ikon properties, a real estate development group. Ikon recently completed construction of a major downtown hotel, and you are concerned that some of the construction payments may have gone to a related party at an inflated price. You also want to select specific construction charges to test for existence and valuation.
Required:
How would you use ACL to attempt to identify related party payments that may be inflated? How would you identify the largest construction charges to test for existence and valuation?
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