Which of the Audit Procedures Listed Below Would Be Least

question 17

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 purchases and sales transactions with the major suppliers and/or customers involved.

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Definitions:

Adenohypophysis

Portion of the hypophysis derived from the oral ectoderm; also called anterior pituitary.

Parathyroid Glands

The parathyroid glands are small endocrine glands in the neck that produce parathyroid hormone, which regulates calcium levels in the blood.

Somitomeres

Early segmented structures in embryonic development that give rise to somites, precursors to skeletal muscle, vertebrae, and dermis.

Neural Crest Cells

Embryonic cells originating at the border of the neural tube that migrate and differentiate into a diverse range of cell types, including some types of neurons, glial cells, and melanocytes.