ASA 550 - Related Parties - April 2006
Audit Conclusions and ReportingAudit Conclusions and Reporting
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Audit Conclusions and Reporting
38 If the auditor is unable to:
(a) obtain sufficient appropriate audit evidence regarding related parties and related party transactions; or
(b) form a conclusion as to the completeness of the disclosure of related party relationships and transactions in accordance with the applicable financial reporting framework;
the auditor shall, modify the auditor’s report in accordance with ASA 701 Modifications to the Auditor’s Report.
39 If the auditor concludes that the related party disclosures in the financial report do not satisfy the requirements of the applicable financial reporting framework the auditor shall modify the auditor’s report in accordance with ASA 701.