Explain the auditors responsibility to consider compliance with laws and regulations. How does this responsibility differ for

Question:

Explain the auditor’s responsibility to consider compliance with laws and regulations. How does this responsibility differ for laws and regulations that have a direct effect on the compared to other laws and regulations that do not have a direct effect?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...