31386 paragraphs found
Relevant related party information that may be shared among the engagement team members includes, for example: The identity of the entity’s related parties. The nature of the related party relationships and transactions. Significant or complex related …
Fraud Risk Factors Associated with a Related Party with Dominant Influence (Ref: Para. 19 ) …
The auditor shall evaluate whether the audit evidence obtained from the risk assessment procedures provides an appropriate basis for the identification and assessment of the risks of material misstatement. If not, the auditor shall perform additional risk …
Domination of management by a single person or small group of persons without compensating controls is a fraud risk factor. [24] Indicators of dominant influence exerted by a related party include: The related party has vetoed significant business …
In the presence of other risk factors, the existence of a related party with dominant influence may indicate significant risks of material misstatement due to fraud. For example: An unusually high turnover of senior management or professional advisors …
The nature, timing and extent of the further audit procedures that the auditor may select to respond to the assessed risks of material misstatement associated with related party relationships and transactions depend upon the nature of those risks and the …
Examples of substantive audit procedures that the auditor may perform when the auditor has assessed a significant risk that management has not appropriately accounted for or disclosed specific related party transactions in accordance with the applicable …
If the auditor has assessed a significant risk of material misstatement due to fraud as a result of the presence of a related party with dominant influence, the auditor may, in addition to the general requirements of ASA 240 , perform audit procedures …
Depending upon the results of the auditor’s risk assessment procedures, the auditor may consider it appropriate to obtain audit evidence without testing the entity’s controls over related party relationships and transactions. In some circumstances, …