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ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Responsibilities of the Auditor...............................................A1-A3
Definition of a Related Party.................................................A4-A7
Risk Assessment Procedures and Related Activities...............................A8-A28
Identification and Assessment of the Risks of Material Misstatement Associated with Related Party Relationships and Transactions A29-A30
Responses to the Risks of Material Misstatement Associated with Related Party Relationships and Transactions A31-A45
Evaluation of the Accounting for and Disclosure of Identified Related Party Relationships and Transactions A46-A47
Written Representations..................................................A48-A49
Communication with Those Charged with Governance................................A50
COMPILATION DETAILS
Auditing Standard ASA 550 Related Parties (as Amended)
This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 1 March 2023 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 550 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 550 [A]
27 October 2009
Financial reporting periods commencing on or after 1 January 2010
ASA 2011‑1 [B]
27 June 2011
Financial reporting periods commencing on or after 1 July 2011
ASA 2013‑2 [C]
11 November 2013
Financial reporting periods commencing on or after 1 January 2014
ASA 2020‑1 [D]
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2021‑5 [E]
5 November 2021
Financial reporting periods commencing on or after 15 December 2021
ASA 2022-1 [F]
27 April 2022
Financial reporting periods commencing on or after 15 December 2023
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASA 550
F2009L04093
11 November 2009
12 November 2009
ASA 2011‑1
F2011L01379
30 June 2011
1 July 2011
ASA 2013-2
F2013L01939
14 November 2013
15 November 2013
ASA 2020-1
F2020L00252
13 March 2020
14 December 2021
ASA 2021-5
F2021L01525
8 November 2021
14 December 2021
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
11Footnote 7
Amended
ASA 2011-1 [39]
Sub-heading above paragraph A23
Amended
ASA 2011-1 [40]
A15
Amended
ASA 2013-2 [80]
A17
Amended
ASA 2013-2 [81]
A22
Amended
ASA 2013-2 [82]
11Footnote 7
Amended
ASA 2020-1 [180]
12Footnote 8
Amended
ASA 2020-1 [181]
18Footnote 9
Amended
ASA 2020-1 [182]
A7Footnote 18
Amended
ASA 2020-1 [183]
A9
Amended
ASA 2020-1 [184]
A12
Amended
ASA 2020-1 [185]
A17Footnote 21
Amended
ASA 2020-1 [186]
A20
Amended
ASA 2020-1 [187]
A28
Amended
ASA 2020-1 [188]
A34
Amended
ASA 2020-1 [189]
23Footnote 11
Amended
ASA 2021-5 [23]
A13Footnote 19
Amended
ASA 2022-1 [34]
A38
Amended
ASA 2022-1 [35]
AUTHORITY STATEMENT
Auditing Standard ASA 550 Related Parties (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A50.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 550 Related Parties issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
The following requirements are additional to ISA 550:
If the auditor is unable to:
obtain sufficient appropriate audit evidence regarding related parties and related party transactions; or
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 opinion in accordance with ASA 705. (Ref: Para. Aus 27.1)
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 opinion in accordance with ASA 705. (Ref: Para. Aus 27.2)
Compliance with this Auditing Standard enables compliance with ISA 550.