160140
Beschreibung
Mindmap von littlepaz_2001, aktualisiert more than 1 year ago
|
Erstellt von littlepaz_2001
vor etwa 11 Jahre
|
|
ISA 250: Consideration of laws and regulations in an audit of financial
statements.
- Responsibility of management
- To ensure operations are conducted in accordance with laws & regulations
- To ensure operations are conducted in accordance with laws & regulations
- Responsibility of the auditor
- The auditor is not and cannot be held responsible for preventing non compliance.
- There is unavoidable risk that some material mistatements go undetected.
- Conduct designed to conceal:- collusion, forgery, deliberate failure to record a transaction.
- Conduct designed to conceal:- collusion, forgery, deliberate failure to record a transaction.
- There is unavoidable risk that some material mistatements go undetected.
- The auditor is not and cannot be held responsible for preventing non compliance.
- Objective of the auditor
- Obtain sufficient appropriate audit evidence regarding compliance.
- Perform specified audit procedures to help identify instances of non compliance.
- Respond appropriately to non-compliance or suspected non compliance.
- Respond appropriately to non-compliance or suspected non compliance.
- Perform specified audit procedures to help identify instances of non compliance.
- Obtain sufficient appropriate audit evidence regarding compliance.
- Auditor's consideration of compliance
- Obtain an understanding of the legal & regulatory framework applicable to the entity and the industry or sector in
which they operate.
- How the entity is complying with that framework.
- Inquiring with management whether the entity is compliant.
- Inspecting correspondence, reading minutes.
- Inspecting correspondence, reading minutes.
- Ask management to provide written representation.
- Inquiring with management whether the entity is compliant.
- Existing understanding
- Update the understanding
- Enquire of management
- Enquire of management
- Update the understanding
- How the entity is complying with that framework.
- Obtain an understanding of the legal & regulatory framework applicable to the entity and the industry or sector in
which they operate.
- Audit procedures when non compliance is identified.
- Understanding of the nature of the act and the circumstances in which it has occurred.
- Further information to evaluate the possible effect on the FS's
- Potential financial consequences
- Disclosure
- Fair presentation
- If sufficient information cannot be obtained, evaluate the lack of sufficient appropriate audit evidence on the auditor's opinion.
- Reliability of written representations.
- Reliability of written representations.
- Potential financial consequences
- Further information to evaluate the possible effect on the FS's
- Understanding of the nature of the act and the circumstances in which it has occurred.
- Reporting suspected non-compliance.
- Those charged with governance
- As soon as practicable.
- As soon as practicable.
- Users of the audit report.
- Material & effects the FS's- Express a qualified or an adverse opinion.
- Lack of sufficient appropriate audit evidence - Qualified or disclaim an opinion due to limitation of scope.
- Lack of sufficient appropriate audit evidence - Qualified or disclaim an opinion due to limitation of scope.
- Material & effects the FS's- Express a qualified or an adverse opinion.
- Those charged with governance
- Withdrawal may be the only option if the entity does not take the remedial action the auditor thinks is necessary.
Möchten Sie kostenlos Ihre eigenen Mindmaps mit GoConqr erstellen? Mehr erfahren.