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President-elect joins Musk for SpaceX launch and taps Dr Oz for a key role; NYC congestion pricing revived with some alterations; NV progressive groups warn of fallout from 2nd Trump presidency; IN librarians fear book bans in 2025.

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Mail-in ballots with envelope errors will not be included in the Pennsylvania Senate race recount, Trump taps celebrity doctor Mehmet Oz to oversee Medicare and Medicaid, and Senate Democrats want a vote on ending arms shipments to Israel.

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Lower voter turnout in cities, not the rural electorate, tipped the presidential election, Minnesota voters OK'd more lottery money to support conservation and clean water, and a survey shows strong broadband lets rural businesses boom.

Survey: Election outcome will impact AR businesses

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Friday, November 1, 2024   

A new survey of public company audit firms reveals businesses are concerned the upcoming election could affect their financial performance.

The Center for Audit Quality found more than 60% of roughly 1,200 audit partners surveyed worry about potential disruptions.

Julie Bell Lindsay, CEO of the center, said few companies are adjusting their business strategies.

"It suggests that while businesses expect some market turbulence and some uncertainty, they feel equipped to navigate through that," Lindsay explained.

Delta Air Lines recently said election-related uncertainty would affect its fourth quarter revenue as consumers hold off on discretionary spending. Lindsay pointed out geopolitical concerns also remain a top risk factor for businesses, as conflicts in Ukraine and the Middle East continue to affect the global economy.

Despite ongoing resilience, Audit Partners' outlook for the economy over the next year is only neutral, with most believing a recession is likely on the horizon. Lindsay noted audit partners are watching for potential indicators, including recent federal rate cuts, a possible government shutdown and a fluctuating labor market.

"They also continue to see that inflation could be an ongoing concern over the next twelve months," Lindsay reported. "I will say that the audit partners in our surveys have been pretty accurately predicting what inflation is going to do."

Lindsay emphasized top priorities for businesses in 2025 remain cost management, improved financial performance and growth. She added layoffs and decreasing workplace flexibility remain top strategies companies use to improve their bottom line.


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