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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 engagement team to provide each component auditor with a list of related parties prepared by group management and any other related parties of which the group engagement team is aware. [19] …
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 …
The audit is conducted on the premise that management and, where appropriate, those charged with governance have acknowledged and understand that they have responsibility for the preparation of the financial report in accordance with the applicable …
In meeting the ASA 315 requirement to obtain an understanding of the control environment, [21] the auditor may consider features of the control environment relevant to mitigating the risks of material misstatement associated with related party …