118 paragraphs found
A related party could be involved in a significant transaction outside the entity’s normal course of business not only by directly influencing the transaction through being a party to the transaction, but also by indirectly influencing it through an …
Relevant related party information that may be shared among the engagement team members includes, for example: The identity of the entity’s related parties. The nature of the related party relationships and transactions. Significant or complex related …
Domination of management by a single person or small group of persons without compensating controls is a fraud risk factor. [24] Indicators of dominant influence exerted by a related party include: The related party has vetoed significant business …
In the presence of other risk factors, the existence of a related party with dominant influence may indicate significant risks of material misstatement due to fraud. For example: An unusually high turnover of senior management or professional advisors …
Examples of substantive audit procedures that the auditor may perform when the auditor has assessed a significant risk that management has not appropriately accounted for or disclosed specific related party transactions in accordance with the applicable …
If the auditor has assessed a significant risk of material misstatement due to fraud as a result of the presence of a related party with dominant influence, the auditor may, in addition to the general requirements of ASA 240 , perform audit procedures …
Depending upon the results of the auditor’s risk assessment procedures, the auditor may consider it appropriate to obtain audit evidence without testing the entity’s controls over related party relationships and transactions. In some circumstances, …
In determining whether underlying circumstances confirm the existence of related party relationships or transactions, the auditor may consider the Australian Accounting Standards, * including consideration of the substance of the relationship and/or …
Communicating promptly any newly identified related parties to the other members of the engagement team assists them in determining whether this information affects the results of, and conclusions drawn from, risk assessment procedures already performed, …
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 …