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ASA 550 - Related Parties - October 2009
Evaluation of the Accounting for and DisEvaluation of the Accounting for and Disclosure of Identified Related Party Relationships and Transactions
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Evaluation of the Accounting for and Disclosure of Identified Related Party Relationships and Transactions
- In forming an opinion on the financial report in accordance with ASA 700,[12] the auditor shall evaluate: (Ref: Para. A46)
- Whether the identified related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the applicable financial reporting framework; and (Ref: Para. A47)
- Whether the effects of the related party relationships and transactions:
- Prevent the financial report from achieving fair presentation (for fair presentation frameworks); or
- Cause the financial report to be misleading (for compliance frameworks).