Recognize the related parties, Auditing

Assignment Help:

Recognize the Related Parties

The auditor should review information provided through the management and directors recognize the names of all identified related parties and should perform the following process in respect of the completeness of this information as:

a) Review prior year working papers about the names of identified related parties;

b) Review the entity's process for reorganization of related parties; Inquire such as to the affiliation of officers and directors along with other entities;

c) Review shareholder records to find out the names of principal shareholders or, whether appropriate, get a listing of principal shareholders from the share register;

d) Review minutes of shareholders and the board of directors and other relevant statutory records such as the register of directors' interests;

e) Inquire of further auditors currently included in the audit, or predecessor auditors, such as to their knowledge and information of additional related parties; and

f) Review the entity's income tax returns and further information supplied to regulatory agencies.

Whether, there the risk of significant related parties remaining undetected is low, in the auditor's judgment, these procedures should be modified as suitable. Whereas the financial reporting framework needed disclosure of related party relationships such as IAS 24, the auditor should be satisfied which the disclosure is sufficient.


Related Discussions:- Recognize the related parties

#TITLE, WHAT OF COST OF JOURNAL ENTRY?

WHAT OF COST OF JOURNAL ENTRY?

Need for an audit, The Need for an Audit If you take an example of a mode...

The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The

Auditors independence, Identify and explain FIVE risks to independence aris...

Identify and explain FIVE risks to independence arising in carrying out your audit

Private audit, main areas contained in a private audit

main areas contained in a private audit

Financial instruments - ias 32 and ias 39, Financial Instruments - IAS 32 a...

Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con

Banks features, Banks Features (a) Profit and loss account: When l...

Banks Features (a) Profit and loss account: When looking at a bank's profit and loss account the accountant should seek to discover what proportions of the bank's profits

Group auditing and holding campnies, what a group auditing and holding camp...

what a group auditing and holding campanies in details with exmple propurly???

Fraud Risk Assessment, I need a 5 schedules like the sample on the attachme...

I need a 5 schedules like the sample on the attachment please follow the Instructions you will see in the instructions attachments 4 companies and you have to choose 5th one by yo

Capital commitments - audit process, Capital Commitments - Audit Process ...

Capital Commitments - Audit Process The Companies Act needs capital commitments be disclosed through a way of note to the accounts.  Therefore the auditor must execute suffici

What is an integrated audit, The modern integrated audit approach combines ...

The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd