Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
Definition (Ref: Para. 12)Definition (Ref: Para. 12)
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Definition (Ref: Para. 12)
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Acts of non‑compliance with laws and regulations include transactions entered into by, or in the name of, the entity, or on its behalf, by those charged with governance, by management or by other individuals working for or under the direction of the entity.
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Non‑compliance also includes personal misconduct related to the business activities of the entity, for example, in circumstances where an individual in a key management position, in a personal capacity, has accepted a bribe from a supplier of the entity and in return secures the appointment of the supplier to provide services or contracts to the entity.