An audit in accordance with auditing standards cannot be expected to provide assurance that all related party transactions will be discovered. Nevertheless, during the course of the audit, the auditor should be aware of the possible existence of material related party transactions that could affect the financial statements. The primary concern of the auditor regarding related party transactions is that

A.They are reported to the SEC because they are illegal.

B.They are accounted for using the standards set forth by the FASB for related party transactions.

C.Their existence and significance be adequately disclosed.

D.Their form be emphasized rather than their economic substance.