93 paragraphs found
To obtain a general understanding of the legal and regulatory framework, and how the entity complies with that framework, the auditor may, for example: Use the auditor’s existing understanding of the entity’s industry, regulatory and other external …
Certain laws and regulations are well‑established, known to the entity and within the entity’s industry or sector, and relevant to the entity’s financial report (as described in paragraph 6(a) ). They could include those that relate to, for example: The …
Certain other laws and regulations may need particular attention by the auditor because they have a fundamental effect on the operations of the entity (as described in paragraph 6(b) ). Non‑compliance with laws and regulations that have a fundamental …
As the financial reporting consequences of other laws and regulations can vary depending on the entity’s operations, the audit procedures required by paragraph 15 are directed to bringing to the auditor’s attention instances of non‑compliance with laws …
Audit procedures applied to form an opinion on the financial report may bring instances of non‑compliance or suspected non‑compliance with laws and regulations to the auditor’s attention. For example, such audit procedures may include: Reading minutes; …
Because the effect on a financial report of laws and regulations can vary considerably, written representations provide necessary audit evidence about management’s knowledge of identified or suspected non‑compliance with laws and regulations, whose …
The auditor may become aware of information concerning an instance of non‑compliance with laws and regulations other than as a result of performing the procedures in paragraphs 13–17 (e.g., when the auditor is alerted to non‑compliance by a whistle …
The following matters may be an indication of non‑compliance with laws and regulations: Investigations by regulatory organisations and government departments or payment of fines or penalties. Payments for unspecified services or loans to consultants, …
Matters relevant to the auditor’s evaluation of the possible effect on the financial report include: The potential financial consequences of identified or suspected non‑compliance with laws and regulations on the financial report including, for example, …
The auditor is required to discuss the suspected non‑compliance with the appropriate level of management and, where appropriate, those charged with governance, as they may be able to provide additional audit evidence. For example, the auditor may confirm …