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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.
- It is not applicable to other assurance engagements in which the auditor is specifically engaged to test and report separately on non-compliance with specific laws and regulations.
- According to this SA, non-compliance means an act of omission or commission by the entity, either intentional or unintentional, which are contrary to the prevailing laws or regulations.
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