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Describes the reason that auditors concern

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Reference no: EM132468267

Question 1: Which of the following best describes the reason that auditors are concerned with the detection of related party transactions?

Multiple Choice

Point 1: The financial statements must often be adjusted for the effects of material related party transactions.

Point 2: Material related party transactions must be disclosed in the notes to the financial statements.

Point 3: The substance of related party transactions will differ from their form.

Point 4: In a related party transaction one party has the ability to exercise significant influence over the other party.

Reference no: EM132468267

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