Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
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ISSN 1833‑4393
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CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Auditing Standard ASA 250 Considerations of Laws and Regulations in an Audit of a Financial Report (as Amended)
This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 2 March 2023 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 250 (May 2017) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 250 [A]
30 May 2017
Financial reporting periods commencing on or after 1 January 2018
ASA 2020-2 [B]
30 June 2020
Financial reporting periods ending on or after 15 July 2020
ASA 2020-1 [C]
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2021-1 [D]
10 March 2021
Financial reporting periods commencing on or after 15 December 2022
ASA 2022-1 [E]
27 April 2022
Financial reporting periods commencing on or after 15 December 2023
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASA 250
F2017L01172
13 September 2017
14 September 2017
ASA 2020‑2
F2020L00885
7 July 2020
8 July 2020
ASA 2020-1
F2020L00252
13 March 2020
14 December 2021
ASA 2021-1
F2021L00403
1 April 2021
14 December 2022
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
A8
Amended
ASA 2020‑2 [29]
A8 Footnote 11
Amended
ASA 2020-2 [30]
A30
Amended
ASA 2020-2 [31]
A30 Footnotes 17 and 18
Amended
ASA 2020-2 [32]
A36 Footnote 19
Amended
ASA 2020-2 [33]
13 Footnote 4
Amended
ASA 2020-1 [56]
A23
Amended
ASA 2020-1 [57]
A25
Amended
ASA 2021-1 [47]
A25Footnote 14
Amended
ASA 2021-1 [48]
A8
Amended
ASA 2022-1 [22]
AUTHORITY STATEMENT
Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A36.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
The following application and other explanatory material are additional to ISA 250:
Paragraph Aus A20.1 refers to provisions relating to the protection of whistleblowers contained in Part 9.4AAA of the Corporations Act 2001 that the auditor may need to consider.
Paragraph Aus A26.1 refers to an audit conducted under the Corporations Act 2001, where the auditor identifies non‑compliance with an Australian Accounting Standard, defects or irregularities in the financial report or deficiencies, failures or shortcomings in respect of section 307 of the Act.
Paragraph Aus A29.1 refers to requirements to report in certain circumstances to the Australian Securities and Investment Commission (ASIC).
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISA 250 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISA 250.