Audit library / 12 Related parties and conflicts of interest
Related Parties and Conflicts of Interest Audit Kit
A complete, ready-to-use audit plan for identification of related parties, transactions, arm's-length pricing, conflicts of interest and disclosure. 13 procedures in 6 phases, each showing what to do, the assertion, the risk and the evidence to obtain.
- Step-by-step guide on how to use the plan
- 13 audit procedures, from planning to sign-off
- Covers data matching and transactions, approval, pricing and balances, conflicts of interest and disclosure and representations
- Status and result dropdowns with an automatic progress tracker
- Fillable PDF version you can complete on screen
- Full English and Arabic versions (4 files)
Preview the checklist
Here are the first procedures from the kit. Buy the kit to unlock everything.
| Ref | Procedure | Assertion | Status | Result |
|---|---|---|---|---|
| A. Identifying related parties | ||||
| A1 | Obtain management's list of related parties (shareholders, directors, key management, their close family and entities they control) and compare with the prior year.Risk: Related parties not identified. | Completeness | Not started ▾ | |
| A2 | Search public registers, board minutes, shareholder registers and declarations of interest for parties missing from the list.Risk: Undisclosed related parties. | Completeness | Not started ▾ | |
| B. Data matching and transactions | ||||
| B1 | Match vendor and customer master data (names, addresses, phone numbers, bank accounts, VAT numbers) against employee and director data.Risk: Hidden conflicts of interest. | Fraud | Not started ▾ | |
| B2 | Extract all transactions with related parties for the period and agree to the general ledger.Risk: Related party transactions incomplete. | Completeness | Not started ▾ | |
| C. Approval, pricing and balances | ||||
| C1 | For significant related party transactions, check approval by the board or shareholders in line with company law and policy.Risk: Unapproved transactions benefiting insiders. | Controls | Not started ▾ | |
| C2 | Compare prices and terms with similar transactions with unrelated parties to assess whether they are at arm's length.Risk: Transfer of value through non-market pricing. | Accuracy & valuation | Not started ▾ | |
| C3 | Review loans, guarantees and balances with related parties: terms, interest, recoverability and security.Risk: Unrecoverable balances or hidden financing. | Accuracy & valuation | Not started ▾ | |
| C4 | Confirm significant related party balances directly with the counterparties.Risk: Balances not agreed by the other party. | Existence | Not started ▾ | |
5 more procedures are inside the full kit
Plus the step-by-step guide, dropdowns, progress tracker and the fillable PDF.
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