African Union individual or of the individual's domestic partner) of any individual referred to in (a) or (b); (c)any entity controlled or significantly influenced by the organisation or by any individual referred to in (a) or (b); (d) any entity under joint control with the organisation; (e)any entity that significantly controls or influences the organisation. A related party transaction shall be understood as a transfer of resources, services or obligations between related parties and the organisation, regardless of whether a price is charged. This includes among others: purchases or sales of goods, property and other assets; rendering or receiving of services; leases; transfers of research and development; transfers under licence agreements; financial arrangements (including loans and equity contributions in cash or in kind); provision of guarantees or collateral; commitments to do something if a particular event occurs or does not occur in the future, including executory contracts; etc. Owners should be informed of any “related party transaction” that may significantly affect the current and or future financial position, the performance, the capacity, the opportunities and/or the risks of the organisation. Such disclosure should explain what the nature of the transactions is and how the potential conflicts of interest or other risks for the organisation are being avoided and/or mitigated (iii) Outline the mechanisms in place for evaluating, supervising and monitoring compliance with the requirements and also the integrity and quality of the information disclosed. (iv) Assess the effectiveness of supervisory authorities in monitoring the compliance of organizations with the prescribed reporting requirements. (v) Outline challenges faced in ensuring an effective framework for transparency and disclosure of information and measures to address the challenges. (vi) Describe any sanctions against organizations or individual members of the Board for noncompliance with the laws regulations, standards and codes mentioned in this section and provide evidence of enforcement. QUESTION 4: To what extent are organizations within the different sectors (private, public and not-for-profit) applying the local, regional and international accounting and auditing standards and practices? INDICATORS (i) Describe the auditing and accounting standards in place in the country for the different types of organizations in the private, public and not-for profit sectors, highlighting as and, where appropriate, any material differences with international standards on auditing and accounting. (ii) Are there mechanisms for integrated reporting? 58