NEW YORK –The International Auditing and Assurance Standards Board (IAASB) released on July 14, 2008 “the International Standard on Auditing (ISAs) 550 (Revised and Redrafted), Related Parties”.
The revised standard clarifies the meaning of “related party” for purposes of an audit. It also makes clear the auditor’s responsibility to obtain sufficient evidence about the required accounting and disclosure of related party relationships and transactions and to understand how such relationships and transactions affect the view given by the financial statements.
The clarified ISA, will be effective beginning on or after December 15, 2009.
To download the ISA please visit the following website: http://www.ifac.org/store.
IAASB is an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC)
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information, please visit the following website:
www.ifac.org