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ASA 550 - Related Parties - October 2009
Written RepresentationsWritten Representations
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Written Representations
- Where the applicable financial reporting framework establishes related party requirements, the auditor shall obtain written representations from management and, where appropriate, those charged with governance that: (Ref: Para. A48‑A49)
- They have disclosed to the auditor the identity of the entity’s related parties and all the related party relationships and transactions of which they are aware; and
- They have appropriately accounted for and disclosed such relationships and transactions in accordance with the requirements of the framework.