Document ID: chunk:federal_register_of_legislation:F2023C01132:front:0:p2
Version: federal_register_of_legislation:F2023C01132
Segment Type: other
Provision Reference: 
Character Range: 3057–7165

0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Nature of Related Party Relationships and Transactions.................................2

Responsibilities of the Auditor..................................................3-7

Effective Date...............................................................8

Objectives..................................................................9

Definitions................................................................10

Requirements

Risk Assessment Procedures and Related Activities.................................11-17

Identification and Assessment of the Risks of Material Misstatement Associated with Related Party Relationships and Transactions              18-19

Responses to the Risks of Material Misstatement Associated with Related Party Relationships and Transactions              20-24

Evaluation of the Accounting for and Disclosure of Identified Related Party Relationships and Transactions              25

Written Representations.......................................................26

Communication with Those Charged with Governance.................................27

Reporting Considerations.....................................................Aus 27.1-Aus 27.2

Documentation..............................................................28

Application and Other Explanatory Material

Responsibilities of the Auditor...............................................A1-A3

Definition of a Related Party.................................................A4-A7

Risk Assessment Procedures and Related Activities...............................A8-A28

Identification and Assessment of the Risks of Material Misstatement Associated with Related Party Relationships and Transactions              A29-A30

Responses to the Risks of Material Misstatement Associated with Related Party Relationships and Transactions              A31-A45

Evaluation of the Accounting for and Disclosure of Identified Related Party Relationships and Transactions              A46-A47

Written Representations..................................................A48-A49

Communication with Those Charged with Governance................................A50

COMPILATION DETAILS

Auditing Standard ASA 550 Related Parties (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 1 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 550 (October 2009) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards
Standard               Date made         Operative Date
ASA 550 [A]            27 October 2009   Financial reporting periods commencing on or after 1 January 2010
ASA 2011‑1 [B]         27 June 2011      Financial reporting periods commencing on or after 1 July 2011
ASA 2013‑2 [C]         11 November 2013  Financial reporting periods commencing on or after 1 January 2014
ASA 2020‑1 [D]         3 March 2020      Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2021‑5 [E]         5 November 2021   Financial reporting periods commencing on or after 15 December 2021
ASA 2022-1        [F]  27 April 2022     Financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASA 550     F2009L04093          11 November 2009   12 November 2009

ASA 2011‑1  F2011L01379          30 June 2011       1 July 2011

ASA 2013-2  F2013L01939          14 November 2013   15 November 2013

ASA 2020-1  F2020L00252          13 March 2020      14 December 2021

ASA 2021-5  F2021L01525          8 November 2021    14 December 2021

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments
Paragraph affected               How affected  By … [paragraph]