March 2020
Intermediate to advanced
928 pages
29h 45m
English
Content preview from Wiley Practitioner's Guide to GAAS 2020
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22AU-C 550 Related Parties
SCOPE
AU-C 550 applies to all audits of financial statements and requires that auditors evaluate related party relationships and transactions and their effect on risks of material misstatements. This Section also requires that the auditor evaluate whether related-party disclosures beyond those required by the specialized framework are necessary. (AU-C 550.01 and .02)
DEFINITIONS OF TERMS
Source AU-C 550.10. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Arm’s-length transaction, Related party.
OBJECTIVES OF AU-C SECTION 550
The objectives of the auditor are to
- obtain an understanding of related-party relationships and transactions sufficient to be able to
- recognize fraud risk factors, if any, arising from related-party relationships and transactions that are relevant to the identification and assessment of the risks of material misstatement due to fraud.
- conclude, based on the audit evidence obtained, whether the financial statements, insofar as they are affected by those relationships and transactions, achieve fair presentation.
- obtain sufficient appropriate audit evidence about whether related-party relationships and transactions have been appropriately identified, accounted for, and disclosed in the financial ...
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