118 paragraphs found
In some circumstances, a special‑purpose entity [18] may be a related party of the entity because the entity may in substance control it, even if the entity owns little or none of the special‑purpose entity’s …
The public sector auditor’s responsibilities regarding related party relationships and transactions may be affected by the audit mandate, or by obligations on public sector entities arising from law, regulation or other authority. Consequently, the …
Matters that may be addressed in the discussion among the engagement team include: The nature and extent of the entity’s relationships and transactions with related parties (using, for example, the auditor’s record of identified related parties updated …
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 …
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 …