Problem

Which of the following engagement planning procedures would most likely assist the auditor...

Which of the following engagement planning procedures would most likely assist the auditor in identifying related-party transactions before the balance-sheet date?

a. Interviewing internal auditors about their reporting responsibilities.

b. Reviewing accounting records for recurring transactions occurring near year-end.

c. Inspecting communications with the client’s legal counsel regarding recorded contingent liabilities.

d. Scanning the minutes for significant transactions with members of the board of directors.

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