Audit of Finance Transactions Internet Business. City Search Inc. (CSI) is a technology company…

Audit of Finance Transactions: Internet Business. City Search Inc. (CSI) is a technology company providing local search engine services in the Greater Toronto Area (GTA). CSI combines online search capability with a print directory (City Pages) focusing specifically on GTA websites. Consumers use the search engine and print directory to locate local businesses. Businesses use the search engine and print directory to attract potential customers to their places of business through paid advertisements. CSI began operations in March 20X3 and launched its first sales campaign for print and online search advertisements in June 20X3. Since that time, over 600,000 copies of the City Pages have been distributed to businesses and residences. The original financing to start CSI came from several wealthy investors who purchased common shares. Additional common shares were issued to the public in late 20X4. These shares initially sold for $2.40, but, during 20X5, the share price fell to less than $1.00. The decline in price is mainly because two of the original investors sold large blocks of shares for whatever they could get as the business was not proving to be as successful as they expected. In early 20X5, the CSI board of directors hired a new president, Bill Dorado, to aggressively promote the CSI directory as a superior directory for local shopping and entertainment searches, and to find innovative ways to increase revenues and CSI’s share price. Businesses that are clients of CS

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