Non-routine transactions

AAA – L3 – SA – Q5.7 – Audit evidence

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.

Answer

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