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What responsibility, if any, do auditors have to search for relatedparty transactions? If the auditors...

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Accounting

What responsibility, if any, do auditors have to search for relatedparty transactions? If the auditors discover that a client has engaged in related-party transactions, what audit procedures should be applied to them? Cite two recent cases in which related-party transactions or improper fund transfers were most evident. Would any of these procedures have resulted in the auditors discovering the true nature of these cash transfers?

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