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     Ge...
General Understanding      Update existing understanding Ask management about fundamental ones  Ask management about their...
indicators• Investigated by government• Fines• Payments to government employees• Excessive agents fees• Unusual cash payme...
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Audit Professional liability p7

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  • Audit Professional liability p7

    1. 1. ProfessionalResponsibilities & Liabilities ISA 250
    2. 2. Basic RuleResponsibility of Management to abide by regulations
    3. 3. Auditor roleReasonable assurance..free from fraud or error (ISA 200)
    4. 4. Auditor roleSufficient, appropriate evidence..compliance with direct effect regulations Tax Co. Law
    5. 5. Auditor ProceduresUnderstand generally the regulations See how entity is complying Talk to those responsible Get written confirmation
    6. 6. 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
    7. 7. 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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