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Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
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Definition
- For the purposes of this Auditing Standard, the following term has the meaning attributed below:
Non‑compliance – Acts of omission or commission, intentional or unintentional, committed by the entity, or by those charged with governance, by management or by other individuals working for or under the direction of the entity, which are contrary to the prevailing laws or regulations. Non‑compliance does not include personal misconduct unrelated to the business activities of the entity. (Ref: Para. A9–A10)