Auditing Standard ASA 2022-1 Amendments to Australian Auditing Standards
Amendments to ASA 550Amendments to ASA 550
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Amendments to ASA 550
- Existing paragraph A13 is amended to read as follows:
In the context of a group audit, ASA 600 requires the group auditorengagement team to request component auditors to communicate on a timely basis related party relationships not previously identified by group management or the group auditor provide each component auditor with a list of related parties prepared by group management and any other related parties of which the group engagement team is aware.[19] Where the entity is a component within a group, this Such information provides a useful basis for the group auditor’s enquiries of management regarding the identity of the entity’s related parties.
- Existing paragraph A38 is amended to read as follows:
In evaluating the business rationale of a significant related party transaction outside the entity’s normal course of business, the auditor may consider the following:
Whether the transaction:
o Is overly complex (for example, it may involve multiple related parties within a consolidated group).
o …