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Question - Related party transactions
Q1. What are considered related party transactions in the preparation of audit financial statements?
Q2. Search for an audited financial statement with disclosures concerning "related parties" and share the link.
Describe the related party transactions disclosed.
Do you agree or disagree with the inclusion of the disclosure?
Justify the importance of the disclosure and how this disclosure impacts the users of the financial statements.
Q3. Do auditors have any ethical obligations as to what is disclosed on the client's financial statements? Why or why not?
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