This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IAASB exposure draft on related parties

  • International Auditing (lt green) Image

02 Mar 2007

The International Auditing and Assurance Standards Board (IAASB) has invited comments on an exposure draft of a proposed International Standard on Auditing (ISA) 550 Related Parties.

The IAASB is also seeking comments on proposed ISA 570 Going Concern, which has been redrafted in the new style designed to enhance the clarity of IAASB pronouncements. The related party ED provides guidance on an auditor's consideration of related parties and related party transactions in an audit of financial statements. It includes a new definition of a 'related party'. Under the ED, an auditor has three objectives in considering related parties: to obtain sufficient evidence about the required accounting and disclosure of related party information and transactions; to understand how related party transactions and relationships affect the view given by the financial statements; and to identify fraud risk factors arising from related party relationships that may require further consideration. Comments the ED of ISA 550 are requested by 30 June 2007. Comments on the ED of proposed ISA 570 are requested by 31 May 2007. Click for:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.