The Institute had issued Accounting Standard (AS) 18 on Related Party Disclosures. The purpose of this AAS is to lay standards on auditor’s responsibilities and audit procedures regarding related parties and related party transaction, as defined in AS 18. The AAS covers areas including, existence and disclosure of related parties, transactions with related parties, examining unidentified related party transactions, management representations, audit conclusions and reporting. The appendix to AAS contains an illustrative management representation letter regarding related parties.

This AAS is effective for all audits relating to accounting periods commencing on or after April 1, 2001.

Issued in September, 2001.
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2003).
Also available as a separate publication of the Institute (Price: Rs. 15/-).
ISBN: 81-87072-70-9.