This course explores the key principles of ISA 250, helping auditors understand their responsibilities when dealing with laws and regulations that affect financial statements. Every audit engagement involves some level of legal consideration, and this course focuses on how to identify, evaluate, and respond to non-compliance effectively. You’ll explore the distinction between laws that have a direct impact on financial reporting and those that affect operations more broadly.

The course also explains how auditors should communicate findings, document evidence, and assess the implications of non-compliance for the audit report. By the end of the course, you’ll be able to apply these principles confidently in your audits, strengthen your professional judgment, and ensure compliance with both ethical and regulatory expectations.

Unlock learning anytime, anywhere with the Blackboard Learn app

Seamlessly access your on demand courses, assignments, and get PD hours on the go. Learn how to download now and elevate your education experience with the convenience of mobile learning.

Upon completion of this course, learners will be able to:

• Explain the purpose of ISA 250 and distinguish between laws and regulations that have a direct and indirect effect on financial statements.
• Recognize potential indicators of non-compliance, assess their implications for audit risk, and determine appropriate audit responses.
• Record evidence of suspected breaches, communicate findings to management and those charged with governance, and report externally when required.
• Determine when modifications to the audit opinion are necessary due to non-compliance and draft suitable reporting language.
• Apply ethical principles and sound professional reasoning when making decisions in real-world situations.