The term “noncompliance” as used in PSA
250 refers to acts of omission or commission
by the entity being audited, either
intentional or unintentional, which are
contrary to the prevailing laws or
regulations. Such acts include the following
except
a. Transactions entered into by the entity
b. Transactions entered into in the name of
the entity
c. Transactions entered into by the entity on
its behalf by its management or
employees
d. Personal misconduct (unrelated to
the business activities of the entity)
by the entity’s management or
employees
250 refers to acts of omission or commission
by the entity being audited, either
intentional or unintentional, which are
contrary to the prevailing laws or
regulations. Such acts include the following
except
a. Transactions entered into by the entity
b. Transactions entered into in the name of
the entity
c. Transactions entered into by the entity on
its behalf by its management or
employees
d. Personal misconduct (unrelated to
the business activities of the entity)
by the entity’s management or
employees