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Individual Paper 2: Accounting Practical Communications .the below situation that a financial professional may face and prepare the requested letter described in bold, underlined text.Format: This individual paper should be 4 pages (not including any title page and reference(s) page) and be double-spaced in Times New Roman, 12-point font.1.You are a partners of a large public accounting firm attending an emergency meeting with the board audit committee members to discuss the discovery of financial statement reporting fraud allegedly perpetrated by the CEO and CFO in the prior year. Your audit firm is proposing a financial restatement to adjust for inflated revenues of about $400 million. The fraud primarily resulted from an intentional overstatement of inventory. Prepare a financial schedule of the fraud and explain precisely how management was able to commit the fraud. Indicate how you uncovered the fraud and why your audit failed to identify it in the prior year. Offer a plan on how your firm plans to proceed, including communications you plan to make to the Securities and Exchange Commission (SEC) and to the shareholders. Your plans include withdrawing your unqualified opinion and recommending that the financial statements be restated. The company’s stock value is expected to drop significantly.Individual paper: Letter to the board audit committee chair in advance of the meeting.