ISSAI Executive Summaries
ISSAI 1550 – Related Parties
This Practice Note provides supplementary guidance on ISA 550 -Related Parties.
Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit
Public sector external auditors
ISA 550 deals with the auditor’s responsibilities relating to related party relationships and transactions in an audit of financial statements.
Specifically, it expands on how ISA 315, 330 and 240 are to be applied in relation to risks of material misstatement associated with related party relationships and transactions.
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The Practice Note provides additional guidance for public sector auditors related to
|Author - Committee:||
INTOSAI Professional Standards Committee – Financial Audit Subcommittee
Approved at XXth Congress of INTOSAI, Johannesburg 2010
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ISA 550 is applicable to auditors of public sector entities in their role as auditors of financial statements. It is related to ISA 315 (Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment), 330 (The Auditor's Response to Assessed Risks) and 240 (The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements)