CAS 550: Related Parties
Requires identification and audit of related-party relationships and transactions, including those outside the normal course of business.
Why CAS 550 matters
Undisclosed related parties are a chronic restatement risk. For Canadian reporting issuers, MI 61-101 (related-party transactions) compounds the disclosure burden.
Framework: Canadian Auditing Standards (CAS)
CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Primary source: FRAS Canada
Frequently asked
What is CAS 550?
Requires identification and audit of related-party relationships and transactions, including those outside the normal course of business.
Why does CAS 550 matter for an audit?
Undisclosed related parties are a chronic restatement risk. For Canadian reporting issuers, MI 61-101 (related-party transactions) compounds the disclosure burden.
Which framework does CAS 550 belong to?
CAS 550 falls under Canadian Auditing Standards (CAS). CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Related standards — Canadian Auditing Standards (CAS)
- CAS 200 — Overall Objectives of the Independent Auditor
- CAS 210 — Agreeing the Terms of Audit Engagements
- CAS 220 — Quality Management for an Audit of Financial Statements
- CAS 230 — Audit Documentation
- CAS 240 — The Auditor's Responsibilities Relating to Fraud
- CAS 250 — Consideration of Laws and Regulations
See how Auditus checks CAS 550
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 550.