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Dear sir,
There is a statement in the subjected article “It also addresses other laws and regulations which may be fundamental to the operating aspects of the client’s business, to its ability to continue its business or to avoid material penalties.”
Can we paraphrase this statement as “It also addresses other laws and regulations that have an indirect effect on the FS”?
Also, can we give examples of indirect effects as:
1. Compliance with the terms of an operating license
2. Compliance with regulatory solvency requirements, or
3. Compliance with environmental regulations.
4. Other cases; except for “involvement in bribery, tax evasion or breaches of regulations which might adversely affect operating licenses or financial markets or public health and safety, as they have direct effect on the FS”?Thanks,
I am just finishing up in the office for the weekend so do not have time to look at the article – perhaps you could check if this post answers your question https://opentuition.com/topic/laws-and-regulations-2/
If not, please post again and I will reply on Monday
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