RELATED PARTY TRANSACTION Definition

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RELATED PARTY TRANSACTION is an interaction between two parties, one of whom can exercise control or significant influence over the operating policies of the other. A special relationship may exist, e.g. a corporation and a major shareholder.

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PERSUASIVE is having the power to influence. Most audit evidence is persuasive, but not conclusive.

PROFESSIONAL SERVICES are those services offered by university trained professionals, e.g. doctors, lawyers, and accountants for, normally, a professional fee.

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