Which of the Audit Procedures Listed Below Would Be Least

question 1

Multiple Choice

Which of the audit procedures listed below 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) Inspecting invoices from law firms.
• D) Confirming large purchase and sales transactions with the suppliers and/or customers involved.

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Definitions:

Pain Sensations

The uncomfortable feeling that arises when specialized nerve endings are stimulated in a way that is interpreted as harmful or potentially damaging to the body.

Somatic Pain

A type of pain that originates from the skin, muscles, bones, or connective tissues.

Gate-Control Theory

A theory that suggests the presence of a neurological "gate" in the spinal cord that controls the transmission of pain signals to the brain.

Pain Signals

Biological signals that indicate distress or damage to the body, prompting a reaction to alleviate or remove the source of discomfort.