Related party transactions

For audit point of view , it is not possible to post here everything , but you may want to refer followings steps :

1] Refer list of relatives under sec 2(77) of CA,2013. and Chapter I Rules.,

2] Also refer sec. 188 and Rules for types transactions between related parties and threshold limits .

3] Apply this in case of transaction entered between Interested director , company and related parties.

4] Look for approval criteria mentioned u/s 188 has been met. [refer companies resolutions]

5] Apply SA 580 [ Mgt Representation ] for related parties and their transactions.

6] For reporting refer relevant SA.of Audit.