The objectives of the auditor are:
- Irrespective of whether the applicable financial reporting framework establishes related party requirements, to obtain an understanding of related party relationships and transactions sufficient to be able:
- To recognise fraud risk factors, if any, arising from related party relationships and transactions that are relevant to the identification and assessment of the risks of material misstatement due to fraud; and
- To conclude, based on the audit evidence obtained, whether the financial report, insofar as it is affected by those relationships and transactions:
- Achieves fair presentation (for fair presentation frameworks); or
- Are not misleading (for compliance frameworks); and
- In addition, where the applicable financial reporting framework establishes related party requirements, to obtain sufficient appropriate audit evidence about whether related party relationships and transactions have been appropriately identified, accounted for and disclosed in the financial report in accordance with the framework.