M6 Related Parties and Groups

Question 1

What legislation deals with the audit of related parties and groups?

Answer 1

• ISA 550 - audit of related parties
• ISA 600R - audit of Groups

Question 2

What are some of the risk assessment procedures you can perform to make sure related party info was disclosed appropriately?

Answer 2

i dont know yet

Question 3

What are some of the responses you need to have to the risk of material misstatement from related parties?

Answer 3

i dont know yet

Question 4

Who all does a group Audit involve?

Answer 4

• the Group auditor
• Component auditors

Question 5

What is different about materiality in a group context?

Answer 5

The components have their own materiality levels besides the group materiality, this is so that the material misstatements in the groups components do not go undetected by the group materiality

Question 6

What are some of the risk assessment procedures you can perform to make sure group info was disclosed appropriately?

Answer 6

i dont know yet

Question 7

What are some of the responses you need to have to the risk of material misstatement from group accounting?

Answer 7

i dont know yet