CPA Aud Quiz
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ASSESSING RISK AND DEVELOPING A PLANNED RESPONSE
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You are performing a review engagement of a nonissuer restaurant group under AICPA SSARS. The local economy weakened significantly, foot traffic declined, and several competitors closed, leading management to negotiate rent concessions and extend payment terms with vendors. Management's interim financial statements show a large increase in accounts payable and a decrease in cash, but management provides limited support for its going concern plans. How should the accountant respond to the identified economic risk?
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