This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: agreement Compare terms of contract with another comparable situation to determine reasonableness Make inquiries and discuss the possibility of fraudulent financial reporting with client counsel Assess the adequacy of related party disclosures Related Party Transactions Auditors are responsible for auditing the substance of the transaction. Are auditors responsible to determine whether the transactions was at arm’s length or whether it would have occurred had the parties not been related?...
View Full Document
- Fall '08
- Financial audit, unusually large transactions