Lexi, Lauren and Madeleine wrapped up their discussion with a look at the steps involved with capital budgeting. “The steps are identifying opportunities, evaluating opportunities, implementing the project and conducting a post-audit,” said Lexi.   “No”, said Lauren, “you missed the pre-audit. Capital budgeting includes a pre-audit.” “Once more, you are both wrong,” said Madeleine. “What about pre-identification of post-audit opportunities?” Is Lexi right? Is Lauren right? Is Madeleine right? Are none of them correct? Support your answer with examples, as appropriate.