Completed
Date

Thursday 25 November 2021

Time

2:30 pm

Duration

1.5 CPD Hours

Session Topic

Effectively auditing related-party transactions and disclosures

Related-party relationships and transactions may give rise to higher risks of material misstatement of the financial statements than transactions with others.  Related parties may operate through an extensive and complex range of relationships and structures, information systems may be ineffective at identifying them, transactions may not be conducted under normal market terms and conditions, and financial-reporting disclosures may be obscure and incomplete.

This session will focus on:

  • The auditor’s responsibilities
  • Undertaking risk-assessment procedures
  • Determining the appropriate audit response
  • Evaluating the accounting and disclosure of related-party transactions and balances
  • Client communications, and
  • Audit documentation.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board. He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

 

Chanelle Pienaar

Principal | Audit Assist

Chanelle is an accomplished Chartered Accountant with more than 20 years’ experience as an auditor in a wide variety of Financial Audit and Audit Quality Control projects. Chanelle has abroad range of experience covering Financial Statement Audits, Audit Quality Control Reviews, Trust Account Audits and AASB implementation Advice & Assistance. Chanelle has strong technical knowledge and enthusiastic training style ensures that all participants, from the graduate to the partner, receive maximum value from each training session.