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ASA 550 - Related Parties - October 2006
Management RepresentationsManagement Representations
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Management Representations
33 The auditor shall endeavour to obtain a written representation from management concerning:
(a) the completeness of information provided regarding the identification of related party relationships and transactions; and
(b) the adequacy of related party disclosures in the financial report.
34 In the event management is unable to or refuses to provide a written representation, under ASA 580 Management Representations the auditor needs to consider the implications of the refusal for the auditor’s report.