- The auditor shall obtain _____ that the organization have appropriately accounted for related party transaction and made appropriate disclosure of such relationship and transaction Management Representation Absolute assurance Audit evidence Reasonable assurance

- The auditor shall obtain _____ that the organization have appropriately accounted for related party transaction and made appropriate disclosure of such relationship and transaction Management Representation Absolute assurance Audit evidence Reasonable assurance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

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The auditor shall obtain _____ that the organization have appropriately accounted for related party transaction and made appropriate disclosure of such relationship and transaction

Management Representation

Absolute assurance

Audit evidence

Reasonable assurance

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Audit procedures for items of Financial Statement

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