Related party transactions, Auditing

Related Party Transactions

Related party transactions-a transfer of obligations or resources among related parties, regardless of whereas a price is charged.

A party is related to an entity whether it like as:

  1. Indirectly or Directly controls, or is under common control along with, is controlled through the entity;
  2. Has significant influence above the entity;
  3. has joint control above the entity;
  4. Is a close member of any individual of the family who that controls, or has joint control over or significant Influence, the entity;
  5. Is an associate of the entity;
  6. Is a joint venture whether the entity is a venture;
  7. Is a member of the entity of the key management personnel or its parent;
  8. Is a close member of any of the family of the aforementioned key management Personnel;
  9. Is an entity which is controlled, significantly influenced through, jointly controlled with or for such significant voting power in that entity resides along with, few of the key Management personnel or their close family members;
  10. Is a post-employment profit plan about the benefit of employees of the entity, or else of such any of its related parties.
Posted Date: 1/24/2013 7:57:13 AM | Location : United States







Related Discussions:- Related party transactions, Assignment Help, Ask Question on Related party transactions, Get Answer, Expert's Help, Related party transactions Discussions

Write discussion on Related party transactions
Your posts are moderated
Related Questions
As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the

In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro

Audit Procedures -Research and Development The auditor should ensure that: a) Any costs incurred in the buy of fixed assets in order to give facilities for development and

(a) Define each of the following four concepts. -Master Data Management -Data Quality -Data Governance -Cloud Computing Explain how they relate to the various Busine

An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke

Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for

How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista

Research and Development - Audit Process The past of business is littered along with cases of companies which have collapsed as a convulsion of over indulgence in discover and