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.
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[@marvelouss719]

Your detailed explanations are unparalleled. Thank you for doing and sharing your videos.

[@siyilu9895]

Looking forward to more standard explanation!!!

[@marieisaacs6572]

Love all your videos

[@siyilu9895]

Very helpful!!

[@dududugwala1059]

Great video cc

[@kennyjames9254]

Thank you for your explanation.

[@amandalovestoaudit]

You’re welcome! Good luck in your studies ☺️

[@koala9210]

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!

[@bazouqurdu5519]

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]

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.