Amendments to ASA 550Amendments to ASA 550

Amendments to ASA 550

1. Existing footnote 4 in paragraph 5 is amended to read as follows:

See ASA 240, paragraph 2438.

1. Existing footnote 7 in paragraph 11 is amended to read as follows:

See ASA 315, paragraph 13; and ASA 240, paragraph 1726.

1. Existing footnote 8 in paragraph 12 is amended to read as follows:

See ASA 315, paragraph 17; and ASA 240, paragraph 1629.

1. Existing footnote 11 in paragraph 23 is amended to read as follows:

See ASA 240, paragraph 33(c)52.

1. Existing paragraph A17 is amended to read as follows:

In meeting the ASA 315 requirement to obtain an understanding of the control environment, the auditor may consider features of the control environment relevant to mitigating the risks of material misstatement associated with related party relationships and transactions, such as:

• …
• The existence of whistle‑blowing policies and proceduresa whistleblower program (or other program to report fraud), where applicable.

1. Existing footnote 23 in paragraph A19 is amended to read as follows:

See ASA 240, paragraphs 3140 and A4A5.

1. Existing paragraph A33 is amended to read as follows:

If the auditor has assessed a significant risk of material misstatement due to fraud as a result of the presence of a related party with dominant influence, the auditor may, in addition to the general requirements of ASA 240, perform audit procedures such as the following to obtain an understanding of the business relationships that such a related party may have established directly or indirectly with the entity and to determine the need for further appropriate substantive audit procedures:

• …
• Review of employee whistle‑blowingwhistleblower reports where these are retained.