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CAF-8 · Chapter 16 · Question 12 of 14

Under ISRE 2400, when performing a review of financial statements, the practitioner's inquiries of management should specifically include inquiries concerning which of the following?

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Reveal answer & explanation

Correct answer: C) The identification of related parties, related party transactions, and their purpose.

Explanation

In a review engagement, standard inquiries of management specifically include asking how significant accounting estimates are made and identifying related parties and the purpose of related party transactions.

All 14 questions in Chapter 16Review and Assurance Engagements MCQs with answers

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