Related Parties

Related party transactions have been an area of focus for regulators due to their risk of fraudulent financial reporting. Related party transactions are also often inappropriately disclosed or presented in the financial statements. But does anybody really understand what represents a related party transaction? This related parties CPE course (1.0 CPE) explores both the accounting and the auditing requirements for related party transactions! It's easy to understand, full of examples and practical insights, and, with GAAP Dynamics, you know it will be fun!

This CPE eligible course (1.0 CPE) will discuss the scope and various definitions of a related party transaction. As you learn,  there are many regulations you consider when identifying and defining a related party transaction! This course covers the required disclosures included within U.S. GAAP (ASC 850, Related Party Transactions). The course includes the procedures that both entities preparing and reporting financial statements under U.S. GAAP must follow. After that, it spends most of the course time focusing on the requirements of auditors surrounding related party transactions. After all, how can you audit something if you don't properly understand the accounting requirements?

Topics covered in this related parties CPE course include: 

• Introduction to related parties
• Presentation and disclosure requirements under U.S. GAAP (ASC 850)
• Auditor requirements under AS 2410 (PCAOB), AU-C 334 (U.S. GAAS) or ISA 550 (IAASB)

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By the end of this course, you should be able to:

• Recognize requirements for related party transactions, including the scope, definition, and disclosures
• Recall an auditor’s requirements for evaluating the identification, accounting, and disclosure of related party transactions in the financial statements