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Simon owns a clothing store, Simonello. Simonello recently purchased a material amount fabrics from ...

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Simon owns a clothing store, Simonello. Simonello recently purchased a material amount fabrics from ...

Simon owns a clothing store, Simonello. Simonello recently purchased a material amount fabrics from Simonique Inc., a textile company also owned by Simon. With regards to this transaction, the auditors should
A) request a confirmation from Simonique that the transaction took place.
B) inspect the textile received in the warehouse to ensure that the amount sent equals the amount ordered.
C) qualify the audit report as this puts into question management's integrity.
D) verify that the business relationship is disclosed in the financial statements.

Textbook

Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Edition: 12^th

Authors: Arens, Elder, Beasley, Splettstoesser

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