ASA 550 - Related Parties - October 2009
Reporting ConsiderationsReporting Considerations
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Reporting Considerations
Aus 27.1 If the auditor is unable to:
(a) obtain sufficient appropriate audit evidence regarding related parties and related party transactions; or
(b) 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.
Aus 27.2 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.