Handbooks, Standards, and Pronouncements
Published: Oct 05, 2016
All available Translations
ISA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements
In July 2016, the International Ethics Standards Board for Accountants (IESBA) introduced new requirements to the Code of Ethics for Professional Accountants (the IESBA Code) addressing non-compliance with laws and regulations (NOCLAR), which become
seffective on July 15, 2017.
In response to the new requirements addressing NOCLAR in the IESBA Code, the IAASB has made limited amendments to ISA 250 (Revised) and other International Standards. These amendments address actual or perceived inconsistencies of the scope of laws and regulations and approach to identifying and dealing with NOCLAR. This enables the IAASB’s International Standards to continue to be applied effectively together with the IESBA Code and clarifies and emphasizes key aspects of the revised IESBA Code in the IAASB’s International Standards. The IAASB’s International Standards comprise the International Standards on Auditing, the International Standards on Review Engagements, the International Standards on Assurance Engagements, and the International Standards on Related Services.
ISA 250 (Revised) becomes effective for audits of financial statements for periods beginning on or after December 15, 2017, with a similar effective date for standards for other services.International Standard on Auditing 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements Including Related Conforming Amendments to Other International Standards (PDF | 324K)Basis for Conclusions (PDF | 232K)At a Glance (PDF | 73K)
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