ASA 550 - Related Parties - October 2009
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CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard..................................................1
Nature of Related Party Relationships and Transactions.................................2
Responsibilities of the Auditor..................................................3-7
Effective Date...............................................................8
Objectives..................................................................9
Definitions................................................................10
Requirements
Risk Assessment Procedures and Related Activities.................................11-17
Identification and Assessment of the Risks of Material Misstatement Associated with Related Party Relationships and Transactions 18-19
Responses to the Risks of Material Misstatement Associated with Related Party Relationships and Transactions 20-24
Evaluation of the Accounting for and Disclosure of Identified Related Party Relationships and Transactions 25
Written Representations.......................................................26
Communication with Those Charged with Governance.................................27
Reporting Considerations..........................................Aus 27.1-Aus 27.2
Documentation..............................................................28
Application and Other Explanatory Material
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