ACCA AAA ^UK Syllabus A. Regulatory Environment - Responsibilities of management and auditors - Notes ^{1 / 4}

Auditors are responsible for

• concluding FS free from misstatements caused by non-compliance with laws and regulations

• having a general understanding of the legal and regulatory framework within which the company operates

• applying professional scepticism

• obtaining a general understanding of applicable laws and
  regulations

• understanding how the entity complies with those laws and regulations

• identifying instances of non-compliance

• being aware of the impact of breaches of regulations on the assertions

Responsibilities of Management (and Those Charged With Governance)

1. Prevention AND detection of fraud and error

2. Strong risk management and internal control

3. A culture of honesty and ethical behaviour

4. Compliance with applicable laws and regulations

5. Monitoring legal requirements

6. Developing, publicising and following a Code of Conduct

7. Training