Perform procedures to identify the nature of related party relationships and transactions and understand how related party transactions are processed and monitored by management. The nature of related party relationships and transactions may, in some circumstances, give rise to higher risks of material misstatement.
EY EAGLe (e.g., Balance Sheet View, Income Statement View, Account Activity View, Process Map View) and AAMs may be used to assist in identifying accounts sources or vendor/customer accounts that record related party transactions and to evaluate balances due to/from related parties, including the volume and amount of transactions with related parties recorded during the period.
Perform procedures to identify the nature of related party relationships and transactions and understand how related party transactions are processed and monitored by management. The nature of related party relationships and transactions may, in some circumstances, give rise to higher risks of material misstatement. EY EAGLe (e.g., Balance Sheet View, Income Statement View, Account Activity View, Process Map View) and AAMs may be used to assist in identifying accounts sources or vendor/customer accounts that record related party transactions and to evaluate balances due to/from related parties, including the volume and amount of transactions with related parties recorded during the period.
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