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Terms of ReferenceGroup Audit Committee City of Johannesburg Metropolitan MunicipalityReview Log:Last Reviewed of Revalidate: ___Date: ___Adoption by Group Audit Committee:Date: ___Chair of the Group

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How to fill out discovering related party transactions

01

Identify the related parties involved in the transactions.

02

Gather all necessary information about the transactions.

03

Review the terms and conditions of the transactions to ensure they are fair and arm's length.

04

Document the related party transactions in the appropriate disclosure forms or financial statements.

Who needs discovering related party transactions?

01

Companies that have related party transactions as part of their business operations.

02

Regulatory authorities that require disclosure of related party transactions for transparency and accountability.

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What is discovering related party transactions?

Discovering related party transactions involves identifying and reporting transactions that occur between parties that have a close relationship, which can affect the financial statements and disclose potential conflicts of interest.

Who is required to file discovering related party transactions?

Typically, publicly traded companies and certain private companies that meet specific criteria are required to file disclosures regarding related party transactions.

How to fill out discovering related party transactions?

To fill out discovering related party transactions, disclose all relevant details about the transactions, including the nature of the relationship, transaction amounts, terms, and any approval process that was undertaken.

What is the purpose of discovering related party transactions?

The purpose is to ensure transparency and integrity in financial reporting, allowing stakeholders to assess the potential impact of these transactions on the company's financial health.

What information must be reported on discovering related party transactions?

Information such as the nature of the relationship, the amount of the transaction, terms and conditions, and any disclosures regarding the approval process must be reported.

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