5 Questions
What is the purpose of ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements?
To respond appropriately to non-compliance or suspected non-compliance identified during the audit
How does ISA 250 define 'non-compliance'?
Acts of omission or commission by the entity, whether intentional or unintentional, contrary to prevailing laws or regulations
What is the auditor's responsibility concerning direct and indirect laws and regulations?
To maintain a degree of professional skepticism and remain alert on instances of non-compliance or suspected non-compliance
According to ISA 250, what is not considered as 'non-compliance'?
Personal misconduct by those charged with governance, management, or employees of the entity
What type of audit procedures does ISA 250 require to help identify non-compliance with other laws and regulations?
Specific audit procedures tailored to each individual entity
Test your knowledge of ISA 250, which focuses on obtaining sufficient audit evidence and performing specified procedures to identify non-compliance with laws and regulations in financial statement audits.
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