Читать книгу Wiley Practitioner's Guide to GAAS 2020 - Joanne M. Flood - Страница 141

AU-C 250 makes a distinction in the auditor’s responsibility between two categories of laws and regulations:

1 Those that have a direct effect on the determination of financial statement amounts—for example, pension and tax laws and regulations.

2 Those that do not have a direct effect but compliance may be fundamental to operating and continuing the business, and which may carry material penalties for noncompliance—for example, operating licenses and environmental regulation.

(AU-C 250.06)

AU-C Section 250 requires the performance of procedures to identify material misstatements resulting from noncompliance with laws and regulations. The auditor is not expected to detect noncompliance with all laws and regulations. (AU-C 250.04) Because of the inherent limitations of an audit, some material misstatements in the financial statements may not be detected even when the audit is properly planned and performed in accordance with GAAS. (AU-C 250.05)