ASA 250 - Consideration of Laws and Regulations in an Audit of a Financial Report - October 2009
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Definition
- For the purposes of this Auditing Standard, the following term has the meaning attributed below:
Non-compliance means acts of omission or commission by the entity, either intentional or unintentional, which are contrary to the prevailing laws or regulations. Such acts include transactions entered into by, or in the name of, the entity, or on its behalf, by those charged with governance, management or employees. Non-compliance does not include personal misconduct (unrelated to the business activities of the entity) by those charged with governance, management or employees of the entity.