Michum Inc

Multiple Choice

Michum Inc.has related party transactions with a company owned by the CEO's brother totalling about $500 000.There are also related party transactions with the owner (about $250) and with two of the officers ($750 and $1000) respectively.Which related parties should be identified and included in audit documentation?

A) those with material transactions only
B) those that had transactions in the current year only
C) all related parties
D) only those that could lead to a conflict of interest