ISA550 Related Parties
Why do auditors audit related party transactions as per ISA 550 Related Parties? Read the full story in our blog https://lnkd.in/g5_hTVFf ๐๐ข๐ฌ๐ข๐ญ ๐ฎ๐ฌ Wisma ๐๐๐, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma ๐๐๐, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru ๐๐๐ (๐๐ฎ๐๐ข๐ญ,๐๐๐ฑ, ๐๐๐ฏ๐ข๐ฌ๐จ๐ซ๐ฒ) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3jZuZuI Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn ๐๐๐ (๐๐๐๐ซ๐๐ญ๐๐ซ๐ข๐๐ฅ, ๐๐จ๐จ๐ค-๐๐๐๐ฉ๐ข๐ง๐ /๐๐๐ฒ๐ซ๐จ๐ฅ๐ฅ, ๐๐๐ฏ๐ข๐ฌ๐จ๐ซ๐ฒ) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource book keeping and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs
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ISA550 Related Parties
- 1. Why do auditors audit related party transactions? ISA 550 Related parties AskKtpAud 01/04/2022
- 2. Theoretically, related party transactions carry no higher risk to the financial statement if compared to those unrelated. AskKtpAud 01/04/2022
- 3. But why the auditor is so concerned about related party transactions? This is because the nature of related party transactions may present a greater opportunity for collusion, concealment, or manipulation by management, resulting in a false result in the financial statements. 01/04/2022 AskKtpAud
- 4. Responsibilities of auditor The auditor shall: - 1. Identify and assess the Risks 2. Responses to the Risks 3. Evaluate the accounting treatment and disclosure 01/04/2022 AskKtpAud
- 5. To conclude whether the related party transactions achieve fair presentation and are not misleading 01/04/2022 AskKtpAud
- 6. Here are some examples of what auditor may need to inspect, which entity can generate internally: - 1. Minutes of meetings 2. Statements of conflicts of interest 01/04/2022 AskKtpAud
- 7. 3. Contracts and agreements 4. Invoices and correspondence from the entityโs professional advisors 5. Reports of the internal audit function 01/04/22 AskKtpAud