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IAASB Amends Standards to Enhance Auditor Focus on Non-Compliance with Laws and Regulations

  • IAASB - Assurance Image

Oct 05, 2016

On October 5, 2016, the International Auditing and Assurance Standards Board (IAASB) released ISA 250 (Revised), "Consideration of Laws and Regulations in an Audit of Financial Statements," and conforming amendments to other International Standards, which respond to new requirements in the International Ethics Standards Board for Accountants (IESBA)’s "Code of Ethics for Professional Accountants addressing non-compliance with laws and regulations (NOCLAR)."

The revisions enable the IAASB’s International Standards to continue to be applied effectively alongside the IESBA Code, and clarify and emphasize key aspects of the IESBA Code in the IAASB’s Standards.

ISA 250 (Revised) will be effective for audits of financial statements for periods beginning on or after December 15, 2017. Amendments to the IAASB’s International Standards for other services have a similar effective date.

Review the Final Pronouncement, Basis for Conclusions and At a Glance document on the IAASB's website.

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