Page 11 - Use Of Confirmations And Related Parties
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USE OF CONFIRMATIONS & RELATED PARTIES
Related Parties (ISA 550 & IAS 24)
Definition:
• per IAS 24.9
Disclosure Requirements:
• Companies Act s 30
• IFRS 7 par 7, 34 and 36 (b) and (c)
• Management responsibility = identify and disclose related parties
and related party transactions.
• Auditor’s responsibility:
o ISA 550.03
o ISA 240
o ISA 550.05
o ISA550.06-7
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