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:

Histrionic Personality Disorder

A psychological disorder characterized by a pattern of excessive emotionality and attention-seeking behaviors.

Obsessive Compulsive Disorder

A mental health disorder characterized by obsessive thoughts and compulsive actions, such as cleaning, checking, or hoarding.

Dependent Personality Disorder

A psychological condition marked by an excessive need to be taken care of, leading to submissive and clinging behavior.

Conditioning Theories

Psychological theories that explain learning as a process of behavior change resulting from the individual's interaction with the environment.