ACCA AAA Practice Questions - ACCA Advanced Audit And Assurance (AAA) Exam

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Under ISA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements, the auditor distinguishes two categories of laws and regulations. Which statement correctly describes the auditor's responsibility for laws that have a direct effect on the determination of material amounts and disclosures?

The auditor only needs to remain alert to possible non-compliance The auditor has no responsibility because compliance is solely management's duty The auditor must obtain sufficient appropriate audit evidence regarding compliance The auditor must report all such laws to the regulator regardless of materiality

Correct Answer:

The auditor must obtain sufficient appropriate audit evidence regarding compliance

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