Which of the Following Audit Procedures Would Be Least Likely

question 16

Multiple Choice

Which of the following audit procedures would be least likely to disclose the existence of related party transactions of a client during the period under audit?

• A)Reading "conflict-of-interest" statements obtained by the client from its management.
• B)Scanning accounting records for large transactions at or just prior to the end of the period under audit.
• C)Reading minutes of the Board of Directors meetings for authorization or discussion of material transactions.
• D)Confirming purchases and sales transactions with the vendors and/or customers involved.

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Definitions:

Love

A complex set of emotions, behaviors, and beliefs associated with strong feelings of affection, protectiveness, warmth, and respect for another person.

Satisfaction

A psychological state where an individual's desires, expectations, or needs are fulfilled, leading to a sense of contentment or pleasure.

Heterosexual Couples

Romantic partnerships between individuals of the opposite sex or gender.

Mate Selection

The process of choosing a partner for reproduction and/or companionship, influenced by a variety of biological, psychological, and social factors.