New auditing standard no. 18, related parties.

The Public Company Accounting Oversight Board adopted a new auditing standard and amendments to other auditing standards to strengthen auditor performance requirements in three critical areas: related party transactions, significant unusual transactions and a company's financial relationships and transactions with its executive officers. Auditing Standard No. 18, Related Parties, requires specific audit procedures for the auditor's evaluation of a company's identification of, accounting for, and disclosure of transactions and relationships between a company and its related parties. The new...