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OWNERSHIP AND MANAGEMENT KCN is a closely held company owned by five stockholders: Terry Keystone, Mark Keystone, John Keystone, Keith Young, and Rita Young. Terry
OWNERSHIP AND MANAGEMENT
KCN is a closely held company owned by five stockholders: Terry Keystone, Mark Keystone, John Keystone, Keith Young, and Rita Young. Terry and Mark Keystone are active members of the company's board of directors. None of the other owners take an active part in the management of the business.
As the lead for this audit, what red flags do you identify with KCN's ownership structure? What Accounts are impacted by these red flags? How do you adjust your audit plan?
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