Which of the audit procedures listed below would be least likely to disclose the existence of related-party transactions of a client during the period under audit?
A)Reading 'conflict-of-interest' statements obtained by the client from its management.
B)Scanning accounting records for large transactions at or just prior to the end of the period under audit.
C)Inspecting invoices from law firms.
D)Confirming large purchases and sales transactions with the major suppliers and/or customers involved.

Question

Quizplus · Accepted Answer

Confirming large purchases and sales transactions with major suppliers and/or customers is less likely to reveal related-party transactions, as these confirmations typically focus on verifying transaction details rather than identifying relationships between parties.

Which of the Audit Procedures Listed Below Would Be Least