A board within the International Federation of Accountants is seeking comment on its exposure draft that addresses what auditors should consider when dealing with related parties and related-party transactions.
The International Auditing and Assurance Standards Board said that it decided to review the auditing standard, ISA 550, “Related Parties,” after a number of related parties were involved in major corporate scandals. Following earlier consultations, the board decided to re-expose its proposal because of the significance of the changes made in response to the consultations.
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