Should the client have internal controls in place to ensure related parties are being identified?
A)Yes, and the client is required to disclose them.
B)No, not necessarily.
C)Yes, but the client in under no obligation to disclose them.
D)None of these answer choices are correct.

Question

Quizplus · Accepted Answer

The client should have internal controls in place to ensure that related parties are identified and should also disclose them in their financial statements. This is important to maintain transparency and ensure accurate financial reporting. Failure to do so can result in misstated financial statements and possible legal implications.

Should the Client Have Internal Controls in Place to Ensure