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Pleasant good evening,
can you tell me if all related party transactions are material to the financial statement?
Your guidance is much appreciated.
Thsnk you.
You are quite correct, Related Party transactions are usually considered material by their very nature.
Usually the ones you have to pay most attention to from an auditing point of view are Directors Remuneration and emoluments.
But even then,, the list could potentially be infinite e.g. Does the director or their family own shares and/or control an entity that your company is having major transactions or trading with …
Good luck with the exams
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