- 1 Marks
AAA – L3 – SA – Q5.7 – Audit evidence
Which statements about related party transactions are correct?
Question
Which of the following statements are correct?
1 With related party transactions, there is some risk of collusion and fraud.
2 A focus of audit attention with regard to related party transactions shall be on significant non-routine transactions.
A Statement 1 only is correct.
B Statement 2 only is correct.
C Both statements are correct.
D Neither statement is correct.
Find Related Questions by Tags, levels, etc.
- Tags: Disclosures, Fraud Risk, Non-routine transactions, Related Party Transactions
- Level: Level 3
- Topic: Audit Evidence
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