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Matters that may be addressed in the discussion among the engagement team include: The nature and extent of the entity’s relationships and transactions with related parties (using, for example, the auditor’s record of identified related parties updated …
In addition, the discussion in the context of fraud may include specific consideration of how related parties may be involved in fraud. For example: How special‑purpose entities controlled by management might be used to facilitate earnings management. …
Where the applicable financial reporting framework establishes related party requirements, information regarding the identity of the entity’s related parties is likely to be readily available to management because the entity’s information systems will …
However, where the framework does not establish related party requirements, the entity may not have such information systems in place. Under such circumstances, it is possible that management may not be aware of the existence of all related parties. …
In the context of a group audit, ASA 600 requires the group auditor to request component auditors to communicate on a timely basis related party relationships not previously identified by group management or the group auditor. [19] Such information …
The auditor may also obtain some information regarding the identity of the entity’s related parties through enquiries of management during the engagement acceptance or continuance …
The Entity’s Controls over Related Party Relationships and Transactions (Ref: Para. 14 ) …
Others within the entity are those considered likely to have knowledge of the entity’s related party relationships and transactions, and the entity’s controls over such relationships and transactions. These may include, to the extent that they do not …