50 paragraphs found
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 …
… and related activities set out in paragraphs 12‑17 of this Auditing Standard, to obtain information relevant to …
Although audit evidence may be readily available regarding how the price of a related party transaction compares to that of a similar arm’s length transaction, there are ordinarily practical difficulties that limit the auditor’s ability to obtain audit …
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 objectives of the auditor are: Irrespective of whether the applicable financial reporting framework establishes related party requirements, to obtain an understanding of related party relationships and transactions sufficient to be able: To recognise …
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 …
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 …
During the audit, the auditor may inspect records or documents that may provide information about related party relationships and transactions, for example: Third‑party confirmations obtained by the auditor (in addition to bank and legal confirmations). …
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 …