Identification of Previously Unidentified or Undisclosed Related Parties or Significant Related Party Transactions Existence of Related Parties (Ref: Para.  21 …

In determining whether underlying circumstances confirm the existence of related party relationships or transactions, the auditor may consider the Australian Accounting Standards, * including consideration of the substance of the relationship and/or …

Communicating Newly Identified Related Party Information to the Engagement Team (Ref: Para.  22(a) ) …

The auditor shall request management and, where appropriate, those charged with governance, to provide written representations that all known actual or possible litigation and claims whose effects should be considered when preparing the financial report …

Communicating promptly any newly identified related parties to the other members of the engagement team assists them in determining whether this information affects the results of, and conclusions drawn from, risk assessment procedures already performed, …

Substantive Procedures Relating to Newly Identified Related Parties or Significant Related Party Transactions (Ref: Para.  22(c) ) …

Examples of substantive audit procedures that the auditor may perform relating to newly identified related parties or significant related party transactions include: Making enquiries regarding the nature of the entity’s relationships with the newly …

Intentional Non‑Disclosure by Management (Ref: Para.  22(e) ) …

The requirements and guidance in ASA 240 regarding the auditor’s responsibilities relating to fraud in an audit of a financial report are relevant where management appears to have intentionally failed to disclose related parties or significant related …

Identified Significant Related Party Transactions outside the Entity’s Normal Course of Business Evaluating the Business Rationale of Significant Related Party Transactions (Ref: Para.  23(a) …