ASA 550 - Related Parties - October 2009
Conformity with International Standards Conformity with International Standards on Auditing
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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.