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ISSAI Executive Summaries

Executive Summary:

ISSAI 1550 – Related Parties

Purpose:

This Practice Note provides supplementary guidance on ISA 550 -Related Parties.

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors

Principle:

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.

Scope - Content:

The Practice Note provides additional guidance for public sector auditors related to

  • Definitions
  • Risk assessment procedures and related activities
  • Identification and assessment of as well as responses to the risks of material misstatement associated with related party relationships and transactions
Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee

Status:

Approved at XXth Congress of INTOSAI, Johannesburg 2010

Download:

http://www.issai.org/en_us/site-issai/issai-framework/4-auditing-guidelines.htm

Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
Related Documents - Others:

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)


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