50 paragraphs found
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 …
See ASA 330 , which provides further guidance on considering the nature, timing and extent of further audit procedures. ASA 240 establishes requirements and provides guidance on appropriate responses to assessed risks of material misstatement due to …
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 …
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 …
During the audit, the auditor shall remain alert, when inspecting records or documents, for arrangements or other information that may indicate the existence of related party relationships or transactions that management has not previously identified or …
See ASA 230 Audit Documentation , paragraphs 8-11 , and paragraph A6 . …
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 …
The requirements and guidance in ASA 240 regarding the auditor’s responsibilities relating to fraud in an audit of a financial report are relevant where management appears to have intentionally failed to disclose related parties or significant related …
If management has made an assertion in the financial report to the effect that a related party transaction was conducted on terms equivalent to those prevailing in an arm’s length transaction, the auditor shall obtain sufficient appropriate audit evidence …
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] …