Assume you are a staff auditor working on a long term debt account of a client that is a company where you are performing an audit in accordance with auditing standards issued by the IAASB. You notice that one of the clients loans might be with a related party because the loan is with a close family member of key management. You are not sure whether this contitutes a related party. Further, if this loan is with a related party you will need additional guidance on the required disclosure of related parties relationships and transactions. Refer to the standards appendix to the text to dentify the standard that can address your questions. Obtain a copy of the relevant standard, define related party and discuss the required disclosure of the identified related party relationships and transactions.