Topic > Understanding the Constraint of Conservatism in GAAP - 717

BFA did not provide sufficient assurance to require the transaction to be recorded in accordance with GAAP. This is the case of BFA and the transaction that took place with ALO and New Church Ventures. 4. Consider the investment foundation's sale of Santa Fe Trails Ranch II stock to friends. Do you think the auditor should have completed any additional tests in addition to ensuring the payment the friend received? Provide the rationale for yours