What is an SA 250?
What is an SA 250?
SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements. Introduction: This Standard on Auditing (SA) is effective from 1st April, 2009 and mainly deals with the auditor’s responsibility to consider laws and regulations in an Audit of Financial Statements.
What audit procedures are needed if an auditor identified or suspected non-compliance?
If the auditor identifies or suspects non-compliance, the auditor will need to consider whether law, regulation and ethical requirements either require the auditor to report to an appropriate authority outside the entity, or establish responsibilities under which this may be appropriate.
What is the responsibility of an auditor on non-compliance?
Non-compliance may involve conduct designed to conceal it, such as collusion, forgery, deliberate failure to record transactions, management override of controls or intentional misrepresentations being made to the auditor.
What is sa710?
SA 710 Comparative Information— Corresponding Figures And Comparative Financial Statements. SA 710 deals with the responsibilities of an auditor with respect to comparative information in the audit of the financial statements.
How much does a SA 250 weight?
1470 lbs.
1096.0 mm 711.2 mm 1702.0mm 1470 lbs.
Can statutory auditor can rely on internal auditor?
The role of the internal audit function within an entity is determined management and its prime objective differs from that of the external auditor who is appointed to report independently on financial information.
What do you understand by skepticism under SA 240?
Professional Skepticism –The auditor should maintain professional skepticism while performing an audit, and identify any possible material misstatement due to fraud that could exist despite the auditor’s past experience of Management’s honesty and integrity.
When an auditor becomes aware of a possible illegal act by a client?
8 However, if the auditor becomes aware of information concerning a possible illegal act, the auditor is required to obtain an understanding of the nature of the act, the circumstances in which it occurred, and sufficient other information to evaluate the effect on the financial statements, if any.
Which SA outlines about vesting of property of working papers with the auditor?
2.6 SA 230, “Audit Documentation”defines audit documentation as “The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers”or “work papers”are also sometimes used”.
