50 paragraphs found
Authorisation and approval by management, those charged with governance, or, where applicable, the shareholders of significant related party transactions outside the entity’s normal course of business may provide audit evidence that these have been duly …
See ASA 450 Evaluation of Misstatements Identified during the Audit , paragraph 11(a) . Paragraph A16 of ASA 450 provides guidance on the circumstances that may affect the evaluation of a …
Unless all of those charged with governance are involved in managing the entity, [13] the auditor shall communicate with those charged with governance significant matters arising during the audit in connection with the entity’s related parties. …
If the auditor is unable to: the auditor shall modify the auditor’s opinion in accordance with ASA 705. * obtain sufficient appropriate audit evidence regarding related parties and related party transactions; or form a conclusion as to the completeness …
If the auditor identifies related parties or significant related party transactions that management has not previously identified or disclosed to the auditor, the auditor shall: Promptly communicate the relevant information to the other members of the …
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. …
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 …
… that meet the related party definition set out in this Auditing Standard. In such a case, however, the auditor’s …
In meeting the ASA 315 requirement to obtain an understanding of the control environment, [21] the auditor may consider features of the control environment relevant to mitigating the risks of material misstatement associated with related party …
For identified significant related party transactions outside the entity’s normal course of business, the auditor shall: Inspect the underlying contracts or agreements, if any, and evaluate whether: The business rationale (or lack thereof) of the …