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Wiley Practitioner's Guide to GAAS 2023, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

by Joanne M. Flood
April 2023
Intermediate to advanced content levelIntermediate to advanced
1056 pages
34h 59m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

6AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements

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 250

AU-C Section 250.10 states that:

The objectives of the auditor are to

  1. obtain sufficient appropriate audit evidence regarding material amounts and disclosures in the financial statements that are determined by those laws and regulations generally recognized to have a direct effect on their determination (see paragraph .06a),
  2. 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
  3. respond appropriately to noncompliance or suspected noncompliance with laws and regulations identified during the audit ...
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Publisher Resources

ISBN: 9781394152704Purchase Link