Related party transactions, Auditing

Assignment Help:

Related Party Transactions

Related party transactions-a transfer of obligations or resources among related parties, regardless of whereas a price is charged.

A party is related to an entity whether it like as:

  1. Indirectly or Directly controls, or is under common control along with, is controlled through the entity;
  2. Has significant influence above the entity;
  3. has joint control above the entity;
  4. Is a close member of any individual of the family who that controls, or has joint control over or significant Influence, the entity;
  5. Is an associate of the entity;
  6. Is a joint venture whether the entity is a venture;
  7. Is a member of the entity of the key management personnel or its parent;
  8. Is a close member of any of the family of the aforementioned key management Personnel;
  9. Is an entity which is controlled, significantly influenced through, jointly controlled with or for such significant voting power in that entity resides along with, few of the key Management personnel or their close family members;
  10. Is a post-employment profit plan about the benefit of employees of the entity, or else of such any of its related parties.

Related Discussions:- Related party transactions

Questionable payments, Questionable Payments In some countries, busines...

Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business

Difference between internal audit and statutory audit, An internal audit is...

An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the opera

Audits and inspections, Q. What are the different methods available for col...

Q. What are the different methods available for collection and analyzing audit data? Q. Describe and explain common audit findings in the fields of: a. Informed consent proce

Motor vehicles - audit process, Motor Vehicles - Audit Process Similar...

Motor Vehicles - Audit Process Similar considerations govern the audit of motor vehicles as to those relating to machinery and plant.  The simply matter of consideration now i

Private audit, main areas contained in a private audit

main areas contained in a private audit

Work in progress, Work In Progress What such applies to goods for resa...

Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the

Audit of current assets, Audit of Current Assets Verification of Wor...

Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv

Recognize the related parties, Recognize the Related Parties The audit...

Recognize the Related Parties The auditor should review information provided through the management and directors recognize the names of all identified related parties and sho

Long term contracts - audit process, Long Term Contracts - Audit Process ...

Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA

Conformity and conservatism - external auditor report, Conformity and Conse...

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd