March 2020
Intermediate to advanced
928 pages
29h 45m
English
Content preview from Wiley Practitioner's Guide to GAAS 2020
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6AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements
Objectives of AU-C Section 250
Categories of Laws and Regulations
Response to Identified or Suspected Noncompliance with Laws and Regulations
Evaluation of Detected or Suspected Noncompliance with Laws and Regulations
SCOPE
AU-C 250 applies to an audit of financial statements. It does not apply to assurance engagements specifically to test and report separately on compliance with specific laws or regulations. (AU-C 250.01)
DEFINITION OF TERM
Source: AU-C 250.11. For the definition related to this standard, see Appendix A, “Definitions of Terms”: Noncompliance.
OBJECTIVES OF AU-C SECTION 250
AU-C Section 250.10 states that:
The objectives of the auditor are to
- obtain sufficient appropriate audit evidence regarding material amounts and disclosures in the financial statements that are determined by the provisions of those laws and regulations generally recognized to have a direct effect on their determination (see paragraph .06a),
- perform specified audit procedures that may identify instances of noncompliance with other laws and regulations that may have a material effect on the financial statements (see paragraph .06b), and
- respond appropriately to noncompliance or suspected noncompliance with laws and regulations identified ...
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