The Company's Audit Committee charter requires that the Audit Committee review and approve all related party transactions

Fantastic news! We've Found the answer you've been seeking!

Question:

The Company's Audit Committee charter requires that the Audit Committee review and approve all related party transactions required to be disclosed pursuant to SEC rules. In doing so, the Audit Committee takes into account, among other factors it deems appropriate, whether the transaction is on terms that are no less favorable to the Company than terms generally available to an unaffiliated third-party under the same or similar circumstances and the extent of the related person's interest in the transaction.
The Company also has a Contract Approvals Policy which applies to all of the Company's employees and officers. The Contract Approvals Policy requires Audit Committee approval for entry into or exit from any related party transaction.
The related party transactions described in this proxy statement have been approved or ratified by the Audit Committee."
Requirements:

In good format, please answer the following questions.
⦁ How is related party transactions defined by
⦁ US GAAP, i.e., ASC Codification
⦁ The AICPA
⦁ The PCAOB

Be sure to properly document the standards involved.

⦁ See Sears Holding 10-K statements for 2013-2017 and answer the following questions:

⦁ Did Sears Holding properly disclose any transactions with ESL Investments, Inc.? If so, briefly explain the disclosure.

⦁ Who are the auditors for the 5 years and how long has Sears Holding been a client of the audit firm?

⦁ What type of opinion did the auditors provide for all years? If any, what were the explanatory or emphasis of matter paragraphs included in the opinion?

⦁ See Sears Holding DEF14Afor 2013-2017 and answer the following questions:

⦁ Identify the audit committees' responsibility regarding related party transactions. Did the audit committee change this governance practice from 2013 until the company filed for bankruptcy?

⦁ Was there a change in the audit committee members (and any special committees under their governance) after Mr. Lampert became CEO until the bankruptcy filing?

⦁ Based on your understanding in answering questions 1-3, do you believe the press and do you agree or disagree with claims filed by Sears Holding against Mr. Lampert, ESL, and other parties? Do you believe the audit committee and any other special committee fulfilled their responsibilities? Please provide arguments, using any other source(s), to support your answer.