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Related parties (RPs) are not independent of each other and therefore users of the financial statements are generally interested to understand the relationship between RPs and the potential financial impact of the transactions entered into with RPs on the financial statements. With the growing complexity of corporate structures and operations, there is also an increasing need for the auditors to increase their focus on the potential for material misstatements, particularly due to fraud, arising from relationships and transactions with RPs. Luar Eng Hwa, Partner of EH Luar & Co and Alliance Practice LLP, shared insights on this topic with a group of practitioners.
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