related party transactions often include loans to officers and directors. auditors are most concerned with related to these transactions

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24-11-2022
Business

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related party transactions often include loans to officers and directors. auditors are most concerned with related to these transactions

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AnkitM AnkitM · Answer 1 · 2022-11-27T13:05:41+01:00

Related party transactions often include loans to officers and directors. auditors are most concerned with related to these transactions is to obtain sufficient appropriate audit evidence to determine whether related parties and relationships and transactions with related parties have been properly identified, accounted for, and disclosed in the financial statements.

Evidence is referred as the available body of facts or information indicating whether a belief or proposition is true or valid.

In related party transactions an arrangement is made between two parties that have a preexisting business relationship.

Therefore, the objective of the auditor is to obtain sufficient proper audit evidence to determine whether related parties and relationships and transactions with related parties have been properly identified, accounted for, and disclosed in the financial statements.

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