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understanding the entity

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › understanding the entity

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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    Posts
  • August 2, 2021 at 3:46 am #630079
    aarti2407
    Member
    • Topics: 36
    • Replies: 8
    • ☆

    dear tutor,

    the following are mentioned as two different matters that an auditor needs to consider in order to obtain an understanding of the entity:

    1.Legislation and regulation
    2.Regulatory framework

    but i cannot fathom as to how are the two different?

    August 2, 2021 at 8:22 am #630096
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6799
    • ☆☆☆☆☆

    1, “legislation [i.e. an “Act” of Parliament] and regulation [statutory instruments and other rules that support the implementation of the Act]” – the distinction is not relevant to AA
    2. In the context of understand the entity this should now be described as “the applicable financial reporting framework” – which we discussed here https://opentuition.com/topic/fr-framework-and-professional-standards

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