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:

Independent Functioning

The ability of an individual to perform daily activities and fulfill roles without the need for assistance from others.

Percentage

A mathematical concept that represents a number as a fraction of 100, used to describe proportions or ratios.

Elderly

Relating to older adults, typically those aged 65 and above, with specific needs, strengths, and considerations.

Internet

A global computer network providing a variety of information and communication facilities, consisting of interconnected networks using standardized communication protocols.