The auditor should maintain alertness for related party information while reviewing records and documents. He may inspect the records or documents…

As per SA 550, “Related Parties”, during the audit, the auditor should maintain alertness for related party information while reviewing records and documents. He may inspect the following records or documents that may provide information about related party relationships and transactions, for example: Entity income tax returns.Information supplied by the entity to regulatory authorities.Shareholder registers to identify the entity's principal shareholders.Statements of conflicts of interest from management and those charged with governance.Records of the entity's investments and those of its pension plans.Contracts and agreements with key management or those charged with governance.Significant contracts and agreements not in the entity's ordinary course of business.Specific invoices and correspondence from the entity's professional advisors.Life insurance policies acquired by the entity.Significant contracts re-negotiated by the entity during the period.Internal auditors' reports.Documents associated with the entity's filings with a securities regulator e.g, prospectuses)