95 paragraphs found from standard ASA 550.
This Auditing Standard deals with the auditor’s responsibilities relating to related party relationships and transactions in an audit of a financial report. Specifically, it expands on how ASA 315, [1] ASA 330, [2] and ASA 240 [3] are to be applied in …
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… Many related party transactions are in the normal course of business. In such circumstances, they may carry no higher risk of material misstatement of the financial report than …
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Because related parties are not independent of each other, many financial reporting frameworks establish specific accounting and disclosure requirements for related party relationships, transactions and balances to enable users of the financial report to …
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… to the auditor’s evaluation of whether one or more fraud risk factors are present as required by ASA 240, [4] because …
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… inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial report …
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Planning and performing the audit with professional scepticism as required by ASA 200 [6] is therefore particularly important in this context, given the potential for undisclosed related party relationships and transactions. The requirements in this …
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… and transactions sufficient to be able: To recognise fraud risk factors, if any, arising from related party …
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… As part of the risk assessment procedures and related activities that …
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… management and others within the entity, and perform other risk assessment procedures considered appropriate, to obtain … transactions and arrangements outside the normal course of business. …
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… transactions outside the entity’s normal course of business when performing the audit procedures required by …
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