ACC-403-Homework-Ch-7-and-8

Apr 30th, 2015
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a) A related party transaction occurs when one party within the transaction is able to impose the contract terms which would not have happened to the parties if they would have been unrelated. When the related party transactions are of a material nature, the following documents are needed: 1. Nature of relationships and 2. description of the transaction for the reported period.

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Leah PasternakAuditing I ACC403Homework SubmissionChapter 7 Problems7-29:a) Direct confirmation with the vendor and examination of the invoice from the vendor.b) Physical examination of the inventory and direct confirmation of the inventory with the custodian.c) Examination of the cash receipt journal and the deposits of bank for cash receipts as well as directly confirming with the customer.d) Examine the vendors invoice and examine the title for ownership of the assets.e) Examine the copy of the client of vendors statements and direct confirmation with the banker.f

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