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related party transactions

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › related party transactions

  • This topic has 2 replies, 2 voices, and was last updated 11 years ago by romes.
Viewing 3 posts - 1 through 3 (of 3 total)
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  • May 13, 2014 at 6:29 am #168615
    romes
    Member
    • Topics: 10
    • Replies: 20
    • ☆

    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.

    May 18, 2014 at 5:44 pm #169347
    marky123
    Member
    • Topics: 46
    • Replies: 193
    • ☆☆☆

    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

    May 18, 2014 at 10:34 pm #169412
    romes
    Member
    • Topics: 10
    • Replies: 20
    • ☆

    Thank you very much marky 🙂

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