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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 arms length or whether it would have occurred had the parties not been related?...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.
- Fall '08