Business Homework Solutions
#126726
Related Party Transactions: An Audit Program
Most business transactions result from "arm's length' dealing. When parties to a transaction are related, the objectivity expected in unrelated bargaining may be lost. Any loss of objectivity may require reporting in the financial statements for users to be able to properly evaluate the company's financial condition and results of operations.
Consequently, material related party transactions must be disclosed. SFAS 57, Related Party Disclosures, identifies the requirements.
Required: Design an audit program to reveal related party transactions
The solution presents an audit program designed to reveal related parties and their material transactions in company records.
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