In this case, you assume the role of a tax auditor investigating a local family- owned business. Several aspects of this taxpayer’s case lead you to feel uneasy with the income taxes paid to the government. Drawing on your knowledge of analytical audit procedures and financial statement analyses, your task is to identify and evaluate risks of income misreporting. Amid an adversarial environment, you will consider both qualitative and quantitative evidence challenging the taxpayer’s position.
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