SESSION 1 - Understanding Auditor Responsibilities in Laws and Regulations (ISA 250 Fundamentals) This session introduces auditors to their professional responsibilities regarding laws and regulations during an audit. It explains how legal non-compliance affects audit risk, material misstatement, and professional obligations. Participants will learn how to identify relevant legislation, assess risk, and apply ISA 250 to plan and perform compliant and ethical audits.
SESSION 1 - Understanding Auditor Responsibilities in Laws and Regulations (ISA 250 Fundamentals) This foundational session explains the scope and purpose of ISA 250 and clarifies the auditor’s responsibilities in relation to laws and regulations. It differentiates laws with direct vs. indirect effects on the financial statements and explores how compliance impacts audit procedures. Practical examples help auditors understand how to identify indicators of non-compliance through risk assessment, inquiries, and analytical procedures.
Key Topics Covered:
Internal and external auditors
Audit trainees and junior auditors
Audit seniors and supervisors
Compliance officers
Audit quality reviewers
Professionals preparing for professional board exams
