Non Compliance with Laws Flashcards
1
Q
Auditor’s Responsibility
A
Obtain reasonable assurance that F/S are free of MM due to non compliance with laws and regulations
2
Q
The Auditor is
A
not responsible for preventing non-compliance
cannot be expected to detect noncompliance with all laws and regulations
3
Q
Reporting
A
Material effect = Qualified or Adverse
Insufficient Evidence = Qualified or Disclaimer
Client refuses to accept report = Withdraw & notify the board of directors/governance in writing
