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ASA 550 - Related Parties - October 2009
Written Representations (Ref: Para. 26)Written Representations (Ref: Para. 26)
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Written Representations (Ref: Para. 26)
- Circumstances in which it may be appropriate to obtain written representations from those charged with governance include:
- When they have approved specific related party transactions that (a) materially affect the financial report, or (b) involve management.
- When they have made specific oral representations to the auditor on details of certain related party transactions.
- When they have financial or other interests in the related parties or the related party transactions.
- The auditor may also decide to obtain written representations regarding specific assertions that management may have made, such as a representation that specific related party transactions do not involve undisclosed side agreements.