Auditing and Assurance Standards and Guidance

Auditing Standards (Ireland)

FRC ISAs (UK and Ireland) applicable for periods beginning on or after 15 December 2010 but before 17 June 2016

ISA (UK and Ireland) 250A Consideration of laws and regulations in an audit of financial statements

Application and Other Explanatory Material

The Auditor's Consideration of Compliance with Laws and Regulations

Non-Compliance Brought to the Auditor's Attention by Other Audit Procedures (Ref: Para. 15 )

A11.	Audit procedures applied to form an opinion on the financial statements may bring instances of non-compliance or suspected non-compliance with laws and regulations to the auditor's attention. For example, such audit procedures may include:

Reading minutes;

Inquiring of the entity's management and in-house legal counsel or external legal counsel concerning litigation, claims and assessments; and

Performing substantive tests of details of classes of transactions, account balances or disclosures.

A11-1.

In the UK and Ireland, the auditor is alert for instances of possible or actual non-compliance with laws and regulations including those that might incur obligations for partners and staff in audit firms to report to a regulatory or other enforcement authority. See paragraphs A11–2 and A19–1 – A19–12.