Identification of related party transactions

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Reference no: EM133208668

1. No transactions involving a company and affiliates were properly disclosed in the firm's financial statements. All of those transactions were related party transactions. All of those transactions should have been fully disclosed under the accounting standards. None were disclosed. Next, the firm did not have adequate internal controls and those which relate to the identification of related party transactions.

2. Ascertain how agency problem arise AND determine 3 negative implications that the company may have created from the above accounting misconducts.

Reference no: EM133208668

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