Which of the following is incorrect regardinq management representation letters? They are examples of written inquiry procedures. They often serve as a substitute for other audit procedures. They are signed by members of top management. They are required for audits of both publicly traded and privately held companies. Which of the following would not likely be a related party transaction? The purchase of land from a real estate development company owned by a member of the client's Board of Directors.. Sales to a company in another industry. Loans made from the client to the CEO. Purchases the client made from a company controlled by the client's majority shareholder. Which of the following material events occurring subsequent to the balance sheet date would require an adjustment to the financial statements before they could be issued? The purchase of a competitor which is expected to double sales volume in the upcoming year. Obtainina a loan to purchase new equipment. Resolution of warranty claims early in the next period in excess of the liability recorded. Loss of a warehouse due to an earthquake