31386 paragraphs found
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 …
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) …
In evaluating the business rationale of a significant related party transaction outside the entity’s normal course of business, the auditor may consider the following: Whether the transaction: Is overly complex (for example, it may involve multiple …
The auditor may also seek to understand the business rationale of such a transaction from the related party’s perspective, as this may help the auditor to better understand the economic reality of the transaction and why it was carried out. A business …
Authorisation and Approval of Significant Related Party Transactions (Ref: Para. 23(b) ) …
Authorisation and approval by management, those charged with governance, or, where applicable, the shareholders of significant related party transactions outside the entity’s normal course of business may provide audit evidence that these have been duly …