The list of audit procedures below are designed to assess the risk of related party transactions. Select appropriate risk area for each of the procedures. 1. Risk of undisclosed related parties Relevant controls and procedures Obtain listing of related parties 2. List of audit procedures Document any controls or procedures that exist to ensure related parties are identified and transactions are accounted for in accordance with the appropriate financial reporting framework. Consider the involvement of related parties in transactions outside the normal course of business. Consider whether minutes of correspondence with lawyers and other documentation reviewed indicate possible related parties. Ensure listing of related parties includes the names of director, managers, key staff, family members and any other entities they may own or control. Inquire of key employees about payments or kickbacks, preferential terms or side deals not disclosed. 3. 4. 5