Which of the following engagement planning procedures would most likely assist the auditor in identifying related- party
Question:
Which of the following engagement planning procedures would most likely assist the auditor in identifying related- party transactions before the balance- sheet date?
a. Interviewing internal auditors about their reporting responsibilities.
b. Reviewing accounting records for recurring transactions occurring near year- end.
c. Inspecting communications with the client’s legal counsel regarding recorded contingent liabilities.
d. Scanning the minutes for significant transactions with members of the board of directors.
Contingent liabilitiesA contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
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a Incorrect Interviewing internal auditors about their reporting responsibilities would a...View the full answer
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Related Book For 
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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