Auditors responsibilities with regard to related parties, Auditing

Auditors Responsibilities with regard to related parties

ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable audit evidence regarding to the identification and disclosure through Management of related parties and the effect of related party transactions which are material to the financial statements. Conversely, an audit cannot be expected to finds all related party transactions.      

The Audit process can be sum up as follows:

Step 1: Recognize the related parties.

Step 2: Distribute the directory to audit staff requesting them to ensure which any transaction along with concerned parties of that they come across may be looked at carefully.

Step 3: Seek out transactions along with the related parties.

Posted Date: 1/24/2013 8:05:22 AM | Location : United States

Related Discussions:- Auditors responsibilities with regard to related parties, Assignment Help, Ask Question on Auditors responsibilities with regard to related parties, Get Answer, Expert's Help, Auditors responsibilities with regard to related parties Discussions

Write discussion on Auditors responsibilities with regard to related parties
Your posts are moderated
Related Questions
Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international stand

Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert

Beneficial Ownership or Title In January 1976 the famous case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd radically altered the law along with regard to norma

What document usually forms the basis of the audit team briefing?

Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser

#quInternal Audit checklist for fixed assetsestion..

Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI

People do not plan to fail, they fail to plan. Planning is an essential feature of an effective audit. The most effective plan is one that is reduced to writing, outlining the au