Description: It keeps on going. Going up that is: the price of gasoline. You are probably among the many Canadians giving a second look at the price on the pump when you’ve been filling your vehicle with fuel. Though gas prices dropped to almost ridiculous lows in the early shutdown phase of the pandemic, prices are certainly trending upward these days. The border tension between Russia and the Ukraine is noted as one factor behind the increase.
Date: January 28, 2022
1) How does the rise in gasoline prices impact you and your fellow students?
2) What impact will this rise in fuel prices have on our economy in Canada?
3) Professional Application Question 3.3, on page 3-28 of Wiley’s Auditing: A Practical Approach, provides an audit planning scenario where changing gasoline prices figure as a factor in audit planning. Discuss this particular question with your classmates to determine how this and other factors impact your audit plan.