Page 147 - Internal Auditing Standards
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12. Related Parties
Chapter Content Relevant ISA
Audit procedures regarding related parties and transactions with 550
such parties.
Exhibit 12.0-1
Do any circumstances identified by the auditor
Identify related parties, including changes
@WaY /aaSaa[S\b Understand nature, extent, and purpose @WaY @Sa^]\aS assertions about the nature, extent, and
suggest involvement of related parties?
from previous periods.
Obtain evidence to support management’s
of transactions.
purpose of transactions
If outside normal course of business,
Consider potential for fraud.
consider significance of transactions.
Remain alert for related-party transactions
Consider measurement and recognition
throughout audit.
of transactions and balances.
Consider significant risks.
Consider possible fraud.
Has sufficient appropriate evidence
been obtained?
@S^]`bW\U Is financial statement disclosure
Does a material misstatement exist?
adequate?
Obtain management representations.
Report on any findings.
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