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: …
This Auditing Standard applies to: an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001 ; and an audit of a financial report, or a complete set of financial …
This Auditing Standard also applies, as appropriate, to an audit of other historical financial information. …
This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 201 0. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation …
This Auditing Standard deals with the auditor’s responsibilities relating to related party relationships and transactions in an audit of a financial report. Specifically, it expands on how ASA 315, [1] ASA 330, [2] and ASA 240 [3] are to be applied in …