Audit requirements for RELATED PARTIES
Who are related parties? What do auditors have to be concerned about when auditing related party disclosures? I explore ASA/ISA550
If you have questions about ASA/ISA 550, add them in the comments below.
My ultimate audit video study guide is available here
amandalovestoaudit.com/learni...
Find ASA 550 here www.auasb.gov.au/Pronouncement...
#StandardsExplained #AuditEvidence #RelatedParties #ISA550 #ASA550 #ILoveAudit #Auditing
Subscribe to watch more auditing videos!
/ amandalovestoaudit
Catch me on social media!
/ amandalovestoaudit
/ amandasaudit
/ amandalovestoaudit
Mic - Rode SmartLav+
Explain Everything iPad app
LumaFusion iPad app
Пікірлер: 10
Your detailed explanations are unparalleled. Thank you for doing and sharing your videos.
Looking forward to more standard explanation!!!
Love all your videos
Great video cc
Very helpful!!
Thank you for your explanation.
@amandalovestoaudit
4 жыл бұрын
You’re welcome! Good luck in your studies ☺️
There is a question in my mind for some time relates to transfer pricing. According to web search, transfer pricing is referred to as “related party” or “intercompany” . But looking at a company’s financial report, some transactions are “intercompany”, but some are “transfer pricing”. Really wish someone can explain the differences between the two!
Written representation and enquiring management is mostly required in the case of inherent risk assessment (related party transactions, complex transactions, complex organisation structures, etc). Right?
@amandalovestoaudit
3 жыл бұрын
Hi - written representations are important where we don't have other forms of evidence to rely on besides the discussion with management. It can be important in risk assessment but also in finalising all of your audit evidence.