Dr. Smith is the CEO of the Get-Well Corp. He is a leader in biotechnology science and is revered by his peers. He owns 10 % of the company's outstanding shares. He would like to borrow $500,000 from the Get-Well Corp. His CFO, Ms. Daily is directed to prepare a corporate check for $500,000 which he deposits in his personal account. At year-end, the independent auditor sees this transaction in the cash disbursements journal. You have learned that Dr. Smith intends to submit the audited report to a firm considering a merger with Get-Well Corp. How would you advise the auditor to handle this transaction?

Answer rating: 100% (QA)

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