ProfessionalResponsibilities & Liabilities ISA 250
Basic RuleResponsibility of Management to abide by regulations
Auditor roleReasonable assurance..free from fraud or error (ISA 200)
Auditor roleSufficient, appropriate evidence..compliance with direct effect regulations Tax Co. Law
Auditor ProceduresUnderstand generally the regulations See how entity is complying Talk to those responsible Get written confirmation
General Understanding Update existing understanding Ask management about fundamental ones Ask management about their complianceAsk management about how they identify, evaluate & account for litigation claims
indicators• Investigated by government• Fines• Payments to government employees• Excessive agents fees• Unusual cash payments• Unusual transactions with tax haven companies
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