[leglock]

Do any of you have written policies regarding Related Party Transactions, and written policies regarding controls over these transactions that you can provide or direct me to?

Any help is greatly appreciated.

[leglock]

Hate to bump my own thread but was hoping someone has some info on this

[alafount02]

I have one. What kind of information are you looking for? Are you trying to to create a control for Audit Standard 19?

AUD: 5/2/15-79
FAR: 8/31/15-80
REG: 11/15/15 -79
BEC: Feb-20-16-71 April 16-77 DONE!

[leglock]

Yes. Looking for written policies/ controls related to related party transactions, their identification, authorization, disclosure etc

[alafount02]

My understanding of the AS 19 is that your organization would need to be doing a search for related party transactions on a regular basis. I think quarter would be the most appropriate. The best way to approach it is to establish a running list of related parties and do a search for transactions to those individuals or organizations each quarter. This review would be to identify any transactions that are out side of the normal course for business. That should fulfill the require me fro AS 19.
As for reporting related party transactions, if anything is found during this transaction review, the people responsible for preparing the financial statements would need to review it to determine if it is in fact a related party transaction that requires disclosure.

AUD: 5/2/15-79
FAR: 8/31/15-80
REG: 11/15/15 -79
BEC: Feb-20-16-71 April 16-77 DONE!

[Author]

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