We've found 10 Related Party Transactions tests

AP Microeconomics Data Economics Related Party Transactions
Microeconomics Chapter 1 Questions And Answers – Flashcards 28 terms
Mary Browning avatar
Mary Browning
28 terms
Accounting Intermediate Accounting 1 Long Term Results Related Party Transactions Sarbanes Oxley Act
ACCT ETHICS Ch 7 – Flashcards 40 terms
Chloe Barnes avatar
Chloe Barnes
40 terms
Audited Financial Statements Basic Financial Statements Compliance With Laws And Regulations Management Related Party Transactions Research And Development Costs
Audit Chapter 12 – Flashcards 67 terms
Alexander Barker avatar
Alexander Barker
67 terms
Accounting Assets And Liabilities Basic Financial Statements Generally Accepted Accounting Principles Related Party Transactions
Auditing Chapter 5 – Flashcards 17 terms
Jacoby Flores avatar
Jacoby Flores
17 terms
Chief Financial Officer Compliance With Laws And Regulations Intermediate Accounting 1 Management Related Party Transactions Sales Returns And Allowances
Auditing Chapter 5 Review – Flashcards 63 terms
Sean Hill avatar
Sean Hill
63 terms
Accounting Auditing Finance Management Related Party Transactions
False: Audit Committees and Analytical Procedures 76 terms
Livia Baldwin avatar
Livia Baldwin
76 terms
Cost Accounting Finance Finished Goods Inventory Inventory Management Inventory Management System Long Term Debt Macroeconomics Raw Materials Inventory Related Party Transactions
Chapter 13 Review Questions – Flashcards 37 terms
Elizabeth Mcdonald avatar
Elizabeth Mcdonald
37 terms
Accounting Compliance With Laws And Regulations Intermediate Accounting 1 Intermediate Accounting 2 Publicly Traded Companies Related Party Transactions
Chapter 17 – Audit – Flashcards 61 terms
Deacon Kirby avatar
Deacon Kirby
61 terms
Accounting Foreign Corrupt Practices Act Intermediate Accounting 1 New York Stock Exchange Related Party Transactions
Chapter 3 Accounting ethics – Flashcards 40 terms
Oscar Hall avatar
Oscar Hall
40 terms
Business Databases Generally Accepted Accounting Principles Multiple Choice Question Related Party Transactions
SMC Business 101 Final Exam Review – Flashcards 54 terms
Alexandra Robertson avatar
Alexandra Robertson
54 terms
Which of the following statements best describes why auditors investigate related party transactions?
The substance of related party transaction may differ from their form
More test answers on https://studyhippo.com/auditing-chapter-5/
Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? A) Management’s attempt to meet earnings per share growth rate goals B) The existence of related party transactions C) Managements disregard for internal control D) Lack of understanding of the potential client’s internal auditor’s computer-assisted audit techniques.
C) Managements disregard for internal control
More test answers on https://studyhippo.com/auditing-ch-6/
Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? A. Lack of understanding of the potential client’s internal auditors’ computer-assisted audit techniques. B. Management’s disregard for internal control. C. The existence of related party transactions. D. Management’s attempt to meet earnings per share growth rate goals.
To which of the following matters would materiality limits not apply when obtaining written client representations? a. Violations of state labor regulations. b. Instances of fraud involving management. c. Information about related party transactions. d. Disclosure of line-of-credit arrangements.
b. Instances of fraud involving management. Choice “b” is correct. Materiality limits do not apply to client representations involving management fraud. The management representation letter generally indicates that “we have no knowledge of fraud or suspected fraud involving management” (without reference to materiality). The only mention of material fraud relates to situations involving parties other than management. Choice “a” is incorrect. Materiality limits do apply to violations of state labor regulations. The management representation letter generally indicates that there are no violations of regulations “whose effects should be considered for financial statement disclosure”−and only material effects would typically be considered for disclosure.
More test answers on https://studyhippo.com/21-management-representations/
An independent auditor finds that Holdaway Corporation occupies office space, at no charge, in an office building owned by a shareholder. This finding likely indicates the existence of A. Management fraud B. Related party transactions C. Window dressing D. Weak internal control
B. Related party transactions
More test answers on https://studyhippo.com/auditing-chapter-5-review/
A purpose of a management representation letter is to reduce: a. An auditor’s responsibility to detect material misstatements only to the extent that the letter is relied on. b. The possibility of a misunderstanding concerning management’s responsibility for the financial statements. c. Audit risk to an aggregate level of misstatement that could be considered material. d. The scope of an auditor’s procedures concerning related party transactions and subsequent events.
b. The possibility of a misunderstanding concerning management’s responsibility for the financial statements. Choice “b” is correct. A primary purpose of a management representation letter is to reduce the possibility of a misunderstanding concerning management’s responsibility for the financial statements. The first representation made in the letter states “we have fulfilled our responsibilities, as set out by the audit engagement dated [xxx], for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP.” Choice “c” is incorrect. The management representation letter confirms oral representations made by management but does not have an effect on audit risk.
More test answers on https://studyhippo.com/21-management-representations/
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New