In the audit of the allocation of income for a partnership,the auditors would be most interested in reviewing:

Question

Quizplus · Accepted Answer

The partnership agreement is the governing document that sets out how income and losses will be allocated among the partners. Therefore, the auditors would be most interested in reviewing this document to ensure that the allocation of income is being done in accordance with the agreement. Federal and state partnership laws are important to consider, but they generally provide guidance on legal requirements for partnerships rather than specific income allocation procedures. Board of directors minutes are not relevant to a partnership as partnerships do not have boards of directors.

In the Audit of the Allocation of Income for a Partnership,the