Litigation, Claims, Assessments (Continued) : Evidence - Module 3
Litigation, Claims, Assessments (Continued) : Evidence - Module 3
Litigation, Claims, Assessments (Continued) : Evidence - Module 3
Focus on
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Evidence - Module 3
Related Parties
Audit procedures should be performed to identify & evaluate the disclosure of related-party
transactions
In performing the audit, transactions may come to the auditor's attention indicating the existence
of related parties
Borrowing or lending at no interest or at rates significantly different from market rates
Sales of real estate at prices significantly different from appraised values
·3 Exchanges of similar property in nonmonetary transactions
·4 Loans with no scheduled terms
Procedures the auditor will apply include"
Examine minutes of board meetings
Focus on
Evidence - Module 3
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