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:

• Press Release (PDF 69k)
• ED ISA 550 Related Parties (PDF 184k)
• ED ISA 570 Going Concern (PDF 116k)