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ma’am how to identify if a Non compliance with laws and regulations will have a DIRECT or INDIRECT effect on FSs?
and how will the auditor’s response exactly differ in both the cases?
I have read the technical article on Laws and Regulations, but still can’t answer the above 2 questions.
See page 112 of the AA notes – search “NOCLAR”
Here for examples that do NOT have a direct effect …https://opentuition.com/topic/noclar-2
And there is a CHAPTER on NOCLAR in our AAA notes – the notes are really not so long (150 pages for all the major topics of an entire syllabus) and you don’t have to follow a lecture in order to understand the notes – so I would really appreciate that you use them as I write them for you to USE.
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