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Executive Summary:

ISSAI 1250 – Consideration of Laws and Regulations in an Audit of Financial Statements

Purpose:

This Practice Note provides supplementary guidance on ISA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors

Principle:

ISA 250 deals with the auditor's responsibility to consider laws and regulations in an audit of financial statements.

Scope - Content:

In the public sector consideration of compliance with laws and regulations often has a broader scope than that set out in ISA 250. This broader scope may include additional responsibilities for expressing a separate opinion as to the entity’s compliance with laws and regulations.

These additional responsibilities and related audit and reporting objectives are dealt with in ISSAI 4000 (Compliance Audit Guidelines – General Introduction) and 4200 (Compliance Audit Guidelines - Compliance Audit Related to the Audit of Financial Statements). 

Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee

Status:

Approved at XXth Congress of INTOSAI, Johannesburg 2010

Download:

http://www.issai.org/en_us/site-issai/issai-framework/4-auditing-guidelines.htm

Related Documents - Executive Summaries:

ISSAI 4000 – Compliance Audit Guidelines – General Introduction

ISSAI 4200 – Compliance Audit Guidelines - Compliance Audit Related to the Audit of Financial Statements

Related Documents - ISSAI Full Versions:
Related Documents - Others:

ISA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements


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