Related Party Transactions (RPTs) have been an area of focus for regulators, auditors and shareholders. Over the past few years, the regulatory authorities have constantly endeavored to amend regulations relating to RPTs with an intent to increase transparency by requiring detailed disclosures, timely compliances and robust governance provisions. However, there has always been a challenge for identifying RPTs and such transactions are often camouflaged to depict transactions with a non-related company. The management of a company is usually in the best position to identify related party relationships and transactions. Therefore, companies are expected to set up a robust design around identification of related parties, RPTs and approval of RPTs. This edition of Accounting and Auditing Update (AAU) contains an article on related party transactions and disclosures. This article highlights key considerations for the management of a company to ensure compliance with respect to the regulatory requirements for related parties and RPTs.

Over the years, investors, regulators, and other stakeholders have started giving attention to sustainability reporting. Sustainability reporting is still at a nascent stage worldwide, measuring and reporting the same can be challenging for the companies. Thus, it is crucial that such information is accurate, complete, reliable and relevant. The assurance on sustainability information is also taking center stage, as independent assurance helps in building trust, robustness and comparability of sustainability information. Regulators around the world are working towards bringing reforms in the sustainability assurance space. In India, there was no authoritative guidance with regard to assurance engagements on sustainability information. Considering this, the Institute of Chartered Accountants of India (ICAI), issued the Standard on Sustainability Assurance Engagements (SSAE) 3000, Assurance Engagements on Sustainability Information. SSAE 3000 is an umbrella standard applicable to all assurance engagements on sustainability information. The article on this topic aim to summarise the important aspects of SSAE 3000 and analyse the related considerations for management of a company as well as practitioners.

As is the case each month, we have also included a regular round-up of some recent regulatory updates in India.

We would be delighted to receive feedback/suggestions from you on the topics we should cover in the forthcoming editions of the AAU.

For more information on this update, please write to