118 paragraphs found
Many financial reporting frameworks discuss the concepts of control and significant influence. Although they may discuss these concepts using different terms, they generally explain that: Control is the power to govern the financial and operating …
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 …
Circumstances in which it may be appropriate to obtain written representations from those charged with governance include: When they have approved specific related party transactions that (a) materially affect the financial report, or (b) involve …
Communicating significant matters arising during the audit [29] in connection with the entity’s related parties helps the auditor to establish a common understanding with those charged with governance of the nature and resolution of these matters. …
Arm’s length transaction means a transaction conducted on such terms and conditions as between a willing buyer and a willing seller who are unrelated and are acting independently of each other and pursuing their own best interests. …
Related party means a party that is either: (Ref: Para. A4‑A7 ) A related party as defined in the applicable financial reporting framework * ; or Where the applicable financial reporting framework establishes minimal or no related party requirements: …
See ASA 260 Communication with Those Charged with Governance , paragraph 13 . …
See ASA 705 Modifications to the Opinion in the Independent Auditor’s Report . …
See ASA 230 Audit Documentation , paragraphs 8-11 , and paragraph A6 . …
An applicable financial reporting framework that establishes minimal related party requirements is one that defines the meaning of a related party but that definition has a substantially narrower scope than the definition set out in paragraph 10(b)(ii) of …