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From the auditor's point of view, the problem with related party transactions is that related party transactions may not have oversight in accordance with

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From the auditor's point of view, the problem with related party transactions is that related party transactions may not have oversight in accordance with the applicable reporting framework related party transactions may not have been classified in accordance with the applicable reporting framework related party transactions may not have been occurred in accordance with the applicable reporting framework related party transactions may not have been recorded in accordance with the applicable reporting framework The purpose of the management representation letter is to clarify all the information provided to the auditor during the audit reducing the possibility of misunderstanding between management and the auditor obtain additional information to support audit conclusions clarify assumptions provided to the auditor during the audit obtain audit evidence that was not available during the normal course of fieldwork

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