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Noar Noar
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3 weeks ago
Most auditors assess the risk of material misstatement as high for related parties and related-party transactions because

▸ of the unique classification of related-party transactions required on the balance sheet.

▸ of the lack of independence between the parties.

▸ of the unique classification of related-party transactions required on the income statement.

▸ it is required by generally accepted accounting principles.
Textbook 

Auditing and Assurance Services


Edition: 17th
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melswhi1melswhi1
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More questions for this book are available here
of the lack of independence between the parties.

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