Governance of Related-Party Transactions: A Control-Design Framework for Transparency, Auditability, and Tax Risk

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@article{1711005,
      author = {Omoize Fatimetu Dako, Olaolu Samuel Adesanya, Ogochukwu Prisca Onyelucheya, Blessing Olajumoke Farounbi},
      title = {Governance of Related-Party Transactions: A Control-Design Framework for Transparency, Auditability, and Tax Risk},
      journal = {Iconic Research And Engineering Journals},
      year = {2019},
      volume = {3},
      number = {1},
      pages = {544-561},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1711005.pdf},
      abstract = {Related-party transactions (RPTs) present significant governance challenges due to the potential for conflicts of interest, tax risk, and financial misreporting. Effective oversight and control mechanisms are critical to ensuring transparency, auditability, and compliance with regulatory standards. This paper proposes a control-design framework for managing RPTs, integrating best practices from corporate governance, internal control design, and tax compliance literature. Drawing entirely from secondary sources, the study synthesizes research on transaction monitoring, internal audit procedures, and regulatory guidance to develop a robust conceptual model. The proposed framework emphasizes transaction authorization, disclosure practices, monitoring mechanisms, and audit trail management, supporting both corporate governance objectives and tax risk mitigation. The paper also identifies gaps in current RPT governance, such as inconsistent disclosure practices, weak audit trail documentation, and insufficient integration with enterprise risk management. The framework provides a structured approach for organizations to enhance transparency, strengthen internal controls, and reduce exposure to regulatory and tax penalties. This study contributes to the literature by bridging corporate governance theory and practical control design, offering actionable insights for regulators, auditors, and multinational enterprises managing complex RPT portfolios.},
      keywords = {Related-Party Transactions, Corporate Governance, Auditability, Control Design, Tax Risk, Transparency},
      month = {July},
  }