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Dear Sir
What will be responsibilities of an auditor regarding the provision of laws that do not directly affect the financial statements ?
And kindly can you give some examples of provision of laws that do not have direct affect on financial statements ?
It will be very appreciated , if you give answer of these two question .
Those that do not have a direct effect on the financial statements, but may be fundamental to business operations, going concern or the avoidance of material penalties (and therefore have an indirect effect) might include (with UK examples):
– Public health and safety (e.g Chemicals (Hazard Information and Packaging for Supply) Regulations 2002)
– Environmental protection (e.g. Natural Environment and Rural Communities Act 2006 includes use of pesticides, for example)Do read the examiner’s article https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/noclar.html
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