Michum Inc

question 36

Multiple Choice

Michum Inc.has related party transactions with a company owned by the CEO's brother totalling about $500 000.There are also related party transactions with the owner (about $250) and with two of the officers ($750 and $1000) respectively.Which related parties should be identified and included in audit documentation?

• A)those with material transactions only
• B)those that had transactions in the current year only
• C)all related parties
• D)only those that could lead to a conflict of interest

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