Audit Regulatory Environment

  • Audit

    INTERNATIONAL STANDARD ON AUDITING 560 SUBSEQUENT EVENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA ...................................................................................... Subsequent Events .................................................................................... Effective Date ....................................................................................

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  • Regulatory Bodies

    Regulatory Bodies Internal Revenue Service is 1of 9 regulatory bodies its purpose is to administer and enforce the Internal Revenue laws. Securities and Exchange Commission the mission of this regulatory body is to protect investors maintain fair orderly and efficient markets and a silicate capital. Financial Accounting Foundation Its mission is to “Establish financial accounting and reporting standards, through an independent and open process, resulting in financial reports that provide decision-useful

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  • Audit

    The Marketing Audit Comes Of Age Philip Kotler, William Gregor and William Rogers Comparing the marketing strategies and tactics of business units today versus ten years ago, the most striking impression is one of marketing strategy obsolescence. Ten years ago US, automobile companies were gearing up for their second postwar race to produce the largest car with the highest horsepower. Today companies are selling increasing numbers of small and medium-size cars and fuel economy is a major selling

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  • Audit

    this information. -2- 2006 AICPA Newly-Released Auditing Questions The GAO standards of reporting for governmental financial audits incorporate the AICPA standards of reporting and prescribe supplemental standards to satisfy the unique needs of governmental audits. Which of the following is a supplemental reporting standard for governmental financial audits? a. Auditors should report the scope of their testing of compliance with laws and regulations and of internal controls. b. Material indications

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  • Regulatory Environment

    Regulatory Environment Employment Law Kudler Fine Foods has an interest in expanding its services into offering catering. With this expansion the need for additional staff becomes more necessary. There will be a lot of employment regulations to consider when undertaking new employees. The laws protecting the employer-employee relationship are too numerous to name and as stated by Mallor (2003), “By now, however, such rules and regulations are so numerous that they touch almost every

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  • Audit

    AYN411 Audit & Assurance – Semester 1, 2013 Final Exam Revision Questions Additional Resources AYN411 Audit & Assurance – Semester 1, 2013 Final Exam Revision Questions Additional Resources Final Exam Revision QUESTION 1 – Audit Planning a. The Auditing Standard ASA 300 ‘Planning an Audit of a Financial Report’ states that the auditor needs to plan the audit so it will be performed in an effective way, by establishing the overall audit strategy for the audit and developing

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  • Is Audit

    addressed in the policy.  Security Awareness: An effective IS Audit helps increase level of security awareness and compliance with security measures among IT users. This also provides motivation to security officers and system administrators to do their job effectively.  Better Return on Investment: IS audits are not only considered for security nowadays but also performance management and value for IT investments. Therefore, an IS audit can be used for facilitating the effective and efficient use

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  • Regulatory Systems

    * Registration of manufacturers and their IVD medical devices with the regulatory authority. **Conformity: A declaration by the IVDD manufacturer that the device is safe and performs as intended. Ref: Regulatory Affairs Professional Society; Fundamentals of International Regulatory Affairs, Second edition Conclusion: Every country has variations in the way IVDD is being regulated. With different classifications, regulatory body etc. I would recommend you to decide on a few specific countries which

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  • Audit

    The Demand for Audit and Other Assurance Services 1-1 The relationship among audit services, attestation services, and assurance services is reflected in Figure 1-3 on page 13 of the text. An assurance service is an independent professional service to improve the quality of information for decision makers. An attestation service is a form of assurance service in which the CPA firm issues a report about the reliability of an assertion that is the responsibility of another party. Audit services are

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  • Audit

    plans to establish a separate department that will provide internal audit services to her audit clients. Heng is a sole proprietor and this means he shall not have large capital base to reject clients nor does he has adequate staff force to rotate or assign. By providing additional service, Heng shall not be independent and may jeopardize his ethics as a qualified accountant. Provision of internal audit services to audit clients may create self-review and self-interest threats. Heng must ensure

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  • Regulatory

    Regulatory Agency Paper The Department of Health and Human Services (DHHS) deals with an assortment of health care departments. The DHHS provides to citizens of all nationalities, race, and ethnicities. The DHHS focuses on protecting the health of all Americans and providing the highest level of human services. The Public Health Service is divided into 42 subdivisions (U.S. Department of Health and Human Services, 2013). Established in 1953, the Department of Health and Human Services (DHHS) was

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  • Introduction to the Regulatory Environment in India

    Introduction to the regulatory environment in India The regulatory environment also known as Legal Aspects of Business, Business law, Commercial Law, Mercantile law is a subject which provides an element of limitation to all the business strategies regulated through different statutory provisions and rules. It not only emphasizes on substantive law but also on procedures and compliances thereby prepares the students of Business for the legal environment they would eventually face in the corporate

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  • Audit

    audit Material misstatement: A misstatement in the financial statement can be considered material if knowledge of the misstatement would affect a decision of a reasonable user of the statement. Third party liability: A situation in which one party is held partly responsible for the unlawful actions of a third party. Independence in fact: Independence in fact exists when the auditor is actually able to maintain an unbiased attitude throughout the audit. The auditor’s ability to take an unbiased

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  • Audit

    1 Session 4 Audit Planning; Materiality and the audit risk model Auditing: Principles and Methods 2 After studying this session you should be able to: 1. Discuss why adequate audit planning is essential 2. Make client acceptance decisions and perform initial audit planning 3. Gain an understanding of the client’s business and industry 4. Assess client business risk 5. Perform preliminary analytical procedures 6. Apply the concept of materiality to the audit 7. Define risk in auditing

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  • Audit

    a logical manner for the purpose of providing financial information for decision making is commonly called: c a. finance. b. auditing. c. accounting. d. economics. 2. easy In the audit of historical financial statements, which of the following accounting bases is the most common? c a. Regulatory accounting principles. b. Cash basis of accounting. c. Generally accepted accounting principles. d. Liquidation basis of accounting. 3. easy Any service that requires a CPA firm to

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  • Audit

    Assurance Services Arens Elder Beasley 14th Edition Solutions Manual Auditing and Assurance Services Arens Elder Beasley 14th Edition Solutions Manual This is a sample chapter Chapter 1 The Demand for Audit and Other Assurance Services  Review Questions 1-1 The relationship among audit services, attestation services, and assurance services is reflected in Figure 1-3 on page 12 of the text. An assurance service is an independent professional service to improve the quality of information

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  • Audit

    AUDIT TUTORIAL 5 MCQ 1. D 2. B 3. A 4. D SHORT QUESTION 1) The benefits that auditor derives from planning audits are * Helping the auditor to devote appropriate attention to important areas of the audit. * Helping the auditor identify and resolve potential problems on a timely basis. * Helping the auditor properly organize and manage the audit engagement so that it is performed in an effective and efficient manner. * Assisting in the selection of engagement

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  • Tort & Regulatory Risk

    refining, and aluminum smelting (University of Phoenix). After the challenge that Kelly Bates posed, Roger Lloyd, the chairman of the organization (University of Phoenix), realized that the company needed to come up with a plan to manage torts and regulatory risks. Common business torts include intentional torts, unintentional torts (negligence) and strict liability. Intentional torts refer to actions that are taken with the intent to cause injury to the plaintiff. Unintentional torts, or negligence

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  • Audit

    Audit Committee Material Weaknesses in Smaller Reporting Companies December 2nd, 2010 OUTLINE: I. SUMMARY OF THE ARTICLE II. PROBLEM STATEMENT III. SUGGESTIONS FROM THE AUTHORS IV. RELEVANCE TO AUDITING ENVIRONMENT V. CONCLUSION I. Summary of the Article This report summarizes the article published by Gramling, Audrey A, Hermanson, Dana R, Hermanson, Heather M in the CPA journal of 2009. The main focus of the article

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  • Audit

    Question 1 Which of the following statements is incorrect with respect to The Corporations Act 2001? the auditor is appointed by the shareholders at the AGM the annual report must state all audit and non-audit fees the auditor should take reasonable steps to discontinue all relationships with the client that may impede the auditor's independence all of the above are correct 1 points Question 2 Which of the following is not a

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  • Audit

    Section A: Audit Practice Part b (i): Why is the audit of cash important part of the audit? From an auditing standpoint, cash is an important account because cash transactions affect all other business and financial processes. Businesses acquire cash by selling goods or services, disposing of fixed assets, or acquiring debt or equity. The same businesses put their cash to use through purchasing, paying employees, and buying inventory. Audits are an important part of business. Cash audits check that

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  • Audit

    factors that might have an effect on the entity’s financial status. In this step, the chosen audit team gets familiar to the entity’s application systems understands the accounting process. This step, is the start of analytical procedures. 3. Develop Audit Plan Developing an audit plan consists of 5 main steps. First one is assesing the potential error level and risks. Second step is deciding on the audit approach. Third step is controlling; in this step potential errors are tested such as cutoff

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  • Audit

    Audit Charter Authorized by: Date: Internal Audit Facilitator: Date: Audit Planning Identify and prepare internal auditors: | |Responsibilities |Preparation and Training | |Audit Team Leaders* |( Planning. organizing, and directing the audit |( Training in audit methods and practice | |

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  • It Audit

    system is the responsibility of management. ANS: T PTS: 1 11. While the Sarbanes-Oxley Act prohibits auditors from providing non-accounting services to their audit clients, they are not prohibited from performing such services for non-audit clients or privately held companies. ANS: T PTS: 1 12. The Sarbanes-Oxley Act requires the audit committee to hire and oversee the external auditors. ANS: T PTS: 1 13. Section 404 requires that corporate management (including the CEO) certify their organization’s

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  • Mgmt-6020-Eo, 6020—the Regulatory & Ethical Environment of Business

    person or persons affiliated with the chosen business. Papers must be double spaced, typed in size 12 Times New Roman font with 1 inch margins. The paper must be a minimum of 10 pages and a maximum of 12 pages. MGMT-6020-EO, 6020—The Regulatory & Ethical Environment of Business Term Paper : Haleakala Solar ( Review of business formation, development, background and activities, including length of existence in Hawaii and a description of Hawaii-based activities

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  • Discuss Whether the Current International Regulatory Environment for the Auditing Profession Is Robust Enough to Ensure That the External Auditors of Listed Companies Provide Reports to Owners and Investors Which Are

    whether the current international regulatory environment for the auditing profession is robust enough to ensure that the external auditors of listed companies provide reports to owners and investors which are sufficiently independent to serve the public interest. Introduction As we will discover, the topic posed above is a complex one, which has many arguments both in favour and against the stability of the present regulatory environment in ensuring that the audits which auditors produce are indeed

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  • Audit

    ACCT 4304, Fall 2014 Audit case Read the attached audit case and answer all the questions that follow. A total of 90 points are available for the actual responses to the questions and 10 points are available for presentation, clarity and grammar. Total points for the assignment are 100. Note: Answer the questions as comprehensively as possible. Reference to Auditing Standards, your textbook, and other relevant authoritative sources is expected where appropriate. Even where some of the questions

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  • Audit

    2. The risk of material misstatement at the assertion level consists of two components:Control risk and Inherent risk. According to ISA(NZ)200 paragraph 13, Control risk and Inherent risk are the entity’s risks. They exist independently of the audit of the financial report. It also refers to inherent risk and control risk as a combined assessment of the “risk of material misstatement”. According to ISA(NZ)200 para.13(n)(ii), Control risk is defined as the risk that a misstatement which could

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  • Types of Audits

    Types of Audits KWyrick Advanced Accounting 2/23/15 Audits are an important necessity to insure the foundation and integrity of any company in today’s business world. Audits provide credibility and assurance for the company’s management and financials. This is useful information for stakeholders when deciding whether or not to invest in the company. The audit also provides reasonable assurance that the financials are free from material errors. Therefore the information provided is guaranteed

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  • Audit Basics

    Overview The success of any companies’ internal audit function weighs heavily on the direction and tone provided by its Chief Audit Executive that operates within the organization on a daily basis. Stakeholders in a business must have confidence that the CAE of the internal audit function will work to make certain the interests of the stakeholders are top priority. The primary goal of the CAE is to sustain a level of objectivity and independence that ensures that public trust is not lost and value

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  • Audit

    may be materially misstated due to fraud. Agreed. The auditors should communicate so that the team maintains an independent state of mind at all times during the audit. The audit approach and tests/procedures are customized to the fraud assessment made. The audit team can incorporate random testing and sampling approach in the audit work which are difficult to anticipate by the client. Also the team understands where the focus will be as a result of the fraud assessment b. Theft of personal property

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  • Audit

    CHAPTER ONE Introduction 1.1Background of the study The role of the Internal Audit traditionally has been limited to expressing Recommendations on financial statements and related issues of legality, regularity and fraud. This involves assessments of whether transactions were properly controlled, whether care was taken in the collection and custody of revenues, whether expenditures were properly incurred and generally, whether the executives’ intentions were

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  • Audit

    in an audit client. Self review threat It occurs when the audit from a member or audit team put itself in a position of reviewing the subject that previously the member is responsible Familiarity threat It occurs when auditor has a close relationship with the client Advocacy threat It occurs when the audit from a member of the audit team promotes/support or may be perceived to promote an audit client’s position or opinion. Intimidation threat It occurs when a member of the audit team may

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  • Audit

    services for the same for client. Develop separate arguments for why auditors should not be allowed to perform non-audit services for their audit clients. What do you believe? Non-audit services provided by auditors to their clients fall into three categories. First is services required by legislation or contract to be undertaken by the auditors of the business. This is include regulatory returns, legal requirements to report on matters such as share issues for non-cash consideration, expenditure

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  • Audit

    ILLUSTRATIVE AUDIT ENGAGEMENT LETTER (Date) Name of Auditee Address Dear ________________ We are pleased to confirm our understanding of the services we are to provide you with under this engagement. Audit Scope. USAID’s applicable scope of work that was part of your RFP will be included or referenced to. Audit Objectives. The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects

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  • Audit

    fully informative, and free from material error--intentional or inadvertent. The audit opinion of an independent-PA auditor helps resolve those doubts because the auditor's success depends upon his independent, objective, and competent assessment of the conformity of the financial statements with GAAP. The auditor's role is to lend credibility to the statements, hence the outsider will likely seek his independent audit opinion. 1-3 Client: the company, board of directors, agency, or some other person

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  • Audit

    ......................................................................................... 17! © Jones & Bartlett Learning, LLC © Jones & Bartlett Learning, LLC Lab #3: Define a Process for Gathering Information Pertaining to a HIPAA Compliance Audit ......... 17! NOT FOR SALE OR DISTRIBUTION NOT FOR SALE OR DISTRIBUTION Learning Objectives and Outcomes ........................................................................................................ 17! Required Setup and Tools ....

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  • Audit

    Executive Summary In the performance of a risk-based audit, adequate planning is of paramount importance as it allows to direct the audit effort towards the areas expected to be most at risk of material misstatement. Additionally, adequate planning helps identify and resolve problems on a timely basis and allows the auditor to organize the engagement, including selecting suitably experienced team members to deal with specific risks, so that it can be performed in an effective and efficient manner

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  • Audit

    The reason for IFI or any regulatory body considering the ‘enjoining what is good and forbidding what is evil’ to be one of the basic principles of IFI Shariah Audit is due to ensures acceptance, validity and enforceability of contracts from Shariah point of view. Stating by Islamic Financial Services Board (IFSB), Shariah compliance actually is a central in assuring the integrity and credibility of the Institutions offering auditing. They state that Shariah non-compliance risk is the risk that

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  • Audit

    Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report for the year ended 30 June 2012 was unqualified. Although Impulse had been suffering liquidity problems with a drop in both debtors’ turnover and inventory turnover, King & Queen did not consider that any additional audit work was necessary in regard to the valuation of these assets. In August 2012, Impulse obtained

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  • Audit

    The Human Resource Audit as an Improvement Tool Regardless of the type of company or the size of your HR department, the HR Audit is a simple, yet comprehensive tool to analyze and improve your effectiveness as a function. The audit is made up of four main steps: 1) 2) 3) 4) Define desired HR practices for your organization Assess current practices against the criterion that you have established Analyze the results Establish improvement goals and take action This simple four-step approach can be

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  • The Audit

    Chapter 1 Introduction to Audit & Assurance Engagements Difference between ACCOUNTING and AUDITING • Accounting – preparing financial statements • Auditing – examining financial statements Financial Statements Consist of: • A statement of financial position • A statement of profit or loss • A cash flow statements • Notes to the financial statements • Statement of movement in reserves Together with the documents above, companies also produce director’s reports,

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  • Audit

    Components of Internal Control The Control Environment Risk Assessment The Accounting Information and Communication System Control Activities Monitoring 7-5 7-6 Controls overlap Complementary – function together Redundant – address same assertion or control objective Compensating – reduces risk existing weakness will result in misstatement 1 Control Environment Factors Integrity and ethical values Commitment to competence Board of directors or audit committee Management philosophy and operating

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  • Accounting Regulatory Bodies

    Accounting Regulatory Bodies There are many different types of regulatory bodies to regulate financial accounting and financial reporting. These types of regulators help make financial reports and accounting easier to read and understand. End users to these reports include investors, lenders, etc. The Public Company Accounting Oversight Board (PCAOB) was created to oversee the auditors of public companies to protect the interests of investors and further interest in the preparation of

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  • Regulatory

    industry. The Human resources management has to be on top of the rapid changes involving the health care industry itself. Knowing the rules that can make or break a health care industry; such as HIPPA laws, happy employees, and keeping up with the environment surrounding the health care industry. Competition will always be looking over the shoulder of companies that are not keeping in touch with the constant changes. Chapter 1, Meeting Present and Emerging Strategic Human Resources Challenges

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  • Regulatory

    There are many different regulatory bodies that have several different purposes and functions the ones I have listed are not in any particular order. For example the Internal Revenue Service also known as IRS is the federal agency which is responsible for enforcing and administering the United States Department of Treasury revenue laws through the collection and assessment of taxes, determination of pension plan qualifications and even related activities ( Another is the Securities

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  • Audit

    OUTLINES AND ExPLAINS THE cONcEPT Of AUDIT RISK, MAKINg REfERENcE TO THE KEY AUDITINg STANDARDS WHIcH gIVE gUIDANcE TO AUDITORS AbOUT RISK ASSESSMENT. 01 TEcHNIcAL audit risk RELEVANT TO AccA QUALIfIcATION PAPERS f8 AND P7 AND This article outlines and explains the concept of audit risk, making reference to the key auditing standards which give guidance to auditors about risk assessment. Identifying and assessing audit risk is a key part of the audit process, and ISA 315, Identifying

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  • Audit

    planning auditors should consider for clients who use computers and describe how a computer can be used as an audit tool. | 16, 17, 18, 19, 20, 21, 22 | 57, 60 | 5. Review audit documentation for proper form and content. | 23, 24, 25 | 50, 61 | SOLUTIONS FOR REVIEW CHECKPOINTS 4.1 A CPA can use the following sources of information to help decide whether to accept a new audit client. Financial information prepared by the prospective client: * Annual reports to

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  • It Audit

    IT AUDIT REPORT FOR Contents Contents 2 Contents 2 1. Introduction 4 1.1 Purpose 4 1.2 Scope 4 2. Background Information 4 3. Assets Identification 5 4. Threat Assesment 5 5. LAWS, REGULATIONS AND POLICY . 5 5.1 Hospital Policy. 5 5.2 Vulnerabilities. 5 6. PERSONNEL 5 6.2 Management. 6 6.3 Operations. 6 6.4 Development 6 6.5 Vulnerabilities. 7 7. Systems and Applications

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  • Audit Regulatory Environment

    Introduction This paper investigates the act of Audit Committees in enhancing the act of external audit so as to gratify stakeholders’ needs. In present years, Audit Committee (AC) has become to be one of the mainstays in Corporate Governance system in British public companies. It plays a vital act by bestowing critical oversight of risk management in a firm across monitoring the integrity of its financial statements in conjunction to company’s financial performance. According to the Combined Code

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