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PCAOB Adopts New Rules for Scrutiny of Related Party and Similar Transactions
19 June 2014
The PCAOB last week adopted new Auditing Standard No. 18 and related amendments, which are intended to strengthen audit procedures relating to the risks of misstatement arising out of a company’s related party transactions, significant unusual transactions and financial relationships and transactions with executive officers.
Companies can expect a more rigorous examination of their identification of and accounting for related party and similar transactions by their auditors as well as increased communications with audit committees.
The new standard and related amendments will be effective, subject to SEC approval, for audits of financial statements for fiscal years beginning on or after December 15, 2014.
Alan H. Paley
UK Modern Slavery Act Transparency Statement
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