As part of the ASA 330 requirement that the auditor respond to assessed risks, [10] the auditor designs and performs further audit procedures to obtain sufficient appropriate audit evidence about the assessed risks of material misstatement associated with …

Identification of Previously Unidentified or Undisclosed Related Parties or Significant Related Party Transactions …

If the auditor identifies arrangements or information that suggests the existence of related party relationships or transactions that management has not previously identified or disclosed to the auditor, the auditor shall determine whether the underlying …

If the auditor identifies related parties or significant related party transactions that management has not previously identified or disclosed to the auditor, the auditor shall: Promptly communicate the relevant information to the other members of the …

Identified Significant Related Party Transactions outside the Entity’s Normal Course of Business …

For identified significant related party transactions outside the entity’s normal course of business, the auditor shall: Inspect the underlying contracts or agreements, if any, and evaluate whether: The business rationale (or lack thereof) of the …

Assertions That Related Party Transactions Were Conducted on Terms Equivalent to Those Prevailing in an Arm’s Length Transaction …

If management has made an assertion in the financial report to the effect that a related party transaction was conducted on terms equivalent to those prevailing in an arm’s length transaction, the auditor shall obtain sufficient appropriate audit evidence …