Consideration of Laws and Regulations in an Audit of ... - ISSAI

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ISSAI 1250ISA 250International Auditing and Assurance Standards BoardInternational Federation of Accountants545 Fifth Avenue, 14 th FloorNew York, New York 10017 USAThis International Standard on Auditing (ISA) 250, “Consdideration of Laws andRegulations in an Audit of Financial Statements” was prepared by the InternationalAuditing and Assurance Standards Board (IAASB), an independent standard-settingbody within the International Federation of Accountants (IFAC). The objective ofthe IAASB is to serve the public interest by setting high quality auditing andassurance standards and by facilitating the convergence of international and nationalstandards, thereby enhancing the quality and uniformity of practice throughout theworld and strengthening public confidence in the global auditing and assuranceprofession.This publication may be downloaded free of charge from the IFAC website:http://www.ifac.org. The approved text is published in the English language.The mission of IFAC is to serve the public interest, strengthen the worldwideaccountancy profession and contribute to the development of strong internationaleconomies by establishing and promoting adherence to high quality professionalstandards, furthering the international convergence of such standards and speakingout on public interest issues where the profession’s expertise is most relevant.Copyright © April 2009 by the International Federation of Accountants (IFAC). Allrights reserved. Permission is granted to make copies of this work provided that suchcopies are for use in academic classrooms or for personal use and are not sold ordisseminated and provided that each copy bears the following credit line: “Copyright© April 2009 by the International Federation of Accountants (IFAC). All rightsreserved. Used with permission of IFAC. Contact permissions@ifac.org forpermission to reproduce, store or transmit this document.” Otherwise, writtenpermission from IFAC is required to reproduce, store or transmit, or to make othersimilar uses of, this document, except as permitted by law. Contactpermissions@ifac.org.ISBN: 978-1-60815-003-81290 Consideration of Laws and Regulations in an Audit of Financial Statements
ISSAI 1250ISA 250IntroductionINTERNATIONAL STANDARD ON AUDITING 250CONSIDERATION OF LAWS AND REGULATIONSIN AN AUDIT OF FINANCIAL STATEMENTS(Effective for audits of financial statements for periodsbeginning on or after December 15, 2009)CONTENTSParagraphScope of this ISA ........................................................................................ 1Effect of Laws and Regulations .................................................................. 2Responsibility for Compliance with Laws and Regulations ....................... 3-8Effective Date ............................................................................................. 9Objectives .................................................................................................. 10Definition ................................................................................................... 11RequirementsThe Auditor’s Consideration of Compliance with Laws andRegulations .......................................................................................... 12-17Audit Procedures When Non-Compliance Is Identified or Suspected ........ 18-21Reporting of Identified or Suspected Non-Compliance .............................. 22-28Documentation ............................................................................................ 29Application and Other Explanatory MaterialResponsibility for Compliance with Laws and Regulations .......................The Auditor’s Consideration of Compliance with Laws andRegulations ..........................................................................................A1-A6A7-A12Audit Procedures When Non-Compliance Is Identified orSuspected ............................................................................................. A13-A18Reporting of Identified or Suspected Non-Compliance .............................. A19-A20Documentation ............................................................................................A212Consideration of Laws and Regulations in an Audit of Financial Statements 291
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