Auditing the related party transactions of a client firm

REQUIREMENTS
The questions that follow will help you to understand the reason special attention is given to related party transactions. You will be required to evaluate the risks of material misstatement associated with the client firm’s related party transactions. You will also be required to consider audit procedures to identify the client firm’s related party transactions. Finally, you will be required to prepare an audit program for the related party transactions.
Questions
1. Why do the client firm’s related party transactions require special attention from the auditors? 2. Summarize the professional auditing standards for identifying and evaluating the risks of material misstatement associated with the client firm’s related party transactions.
3. How might Jane identify related party transactions that have not been disclosed by the client firm?
4. Prepare a list of evidence sources for identifying the client firm’s related party transactions. 5. Prepare an audit program for the client firm’s related party transactions.
6. What recommendations would you make for deterring fraud in the client firm’s related party transactions?The case is designed to enable students understand the reasons for which related party transaction require special attention during an audit. The case aims at enabling students to not only identify related party transactions but also to evaluate the risks associated with related party transactions and design appropriate audit procedures in response to the assessed risks. It is expected that the case will encourage students to research applicable rules for auditing related party transactions. The case also aims at encouraging students to critically think of ways to deter fraud in related party transactions.
The case has five specific learning objectives. On completing the case analysis, students must be able to understand:
1. Assessment of the risks of material misstatement associated with related party transactions.
2. The reasons why related party transactions require special attention from auditors.
3. Audit procedures for related party transactions.
4. Evidence the auditor should seek in the evaluation of related party transactions.
5. Procedures to identify related party transactions.

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