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Hello Dear Mike,
In some types of industries, there are governing bodies that issue specific laws and regulations that are not in compliance with the accounting standards and the entities are required to comply with those laws and regulations.
Would you please let me know what is the type of the audit report in these circumstances? Does any specific ISA discuss about it?
Regards
For example in the banking or insurance industries.
The regulator body requires the entities to make provisions in a way that is not consistent with the accounting standard.
or sometimes the entities are required to make SoFP and SoPoL while they have some new classifications that in not stated in the standard.
Or for example the regulatory body issues some extra conditions for recognition of income/revenue or expenses in those entities
and ….
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