Laws Regn_ AA_Chapter_42

Laws Regn_ AA_Chapter_42 - Chapter 42 Considering Laws and...

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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 1 Chapter 42 Considering Laws and Regulations
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 2 Agenda 1. Effects of Laws and Regulations 2. Management’s Responsibility 3. Auditor’s Responsibility 4. Auditor’s Consideration 5. Audit Procedures 6. Reporting to Those Charged with Governance 7. Reporting in Auditor’s Report 8. Reporting to Regulatory and Enforcement Authorit 9. Documentation
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 3 1. Effects of Laws & Regulations Acts of omission or commission by the audit client, either intentional or unintentional, which are contrary to the prevailing laws or regulations Whether an act constitutes noncompliance is a legal determination Noncompliance may result in financial consequences such as fines, litigation, or lead to discontinuance of business
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 4 2. Management’s Responsibility
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This note was uploaded on 12/21/2010 for the course ACCT 410 taught by Professor Sallyli during the Fall '10 term at Hong Kong Shue Yan.

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Laws Regn_ AA_Chapter_42 - Chapter 42 Considering Laws and...

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