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Related-Party Transaction
(redirected from Related-Party Transactions)

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Related-Party Transaction
A transaction between two businesses that have a personal or other relationship. For example, a publicly-traded company may be inclined to hire a large, minority shareholder as a supplier. In small businesses, a company may hire the owner's brother-in-law to repair the driveway. Related-party transactions are legal, but create the potential for conflicts of interest. Thus, publicly-traded companies are required to report them on their 10-K forms.
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Most companies in Tunisia are involved in significant related-party transactions where disclosure remains limited, internal control procedures remain inefficient compared to western peers, and the concept of board independence has yet to be widely accepted.
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firms that audited 100 or fewer public companies includes observations in 11 areas where auditing or quality-control deficiencies were observed: revenue, related-party transactions, equity transactions, business combinations and impairment of assets, going-concern considerations, loans and accounts receivable, service organizations, use of other auditors, use of the work of specialists, independence and concurring partner review.
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