GAAP Consulting
Date

Thursday 30 April 2026

Time

12:00 pm

Duration

1.5 CPD Hours

Session Topic

NOCLAR – risks, responsibilities, and audit responses

Non-compliance with laws and regulations (NOCLAR) is a key audit risk that is often underestimated.

When not properly addressed, NOCLAR can lead to material misstatements, regulatory sanctions, reputational damage, and business failure.

Regulatory inspections continue to identify weaknesses in how auditors identify, evaluate, document, and respond to suspected or identified non-compliance.

This session examines how auditors should approach NOCLAR, including the application of ASA 250 and the ethical requirements under APES 110.

We will also address the expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework and address how these obligations can trigger NOCLAR considerations and reporting responsibilities.

This session will:

  •  Illustrate common and emerging examples of NOCLAR, including Tranche 2 of AML and CTF
  • Unpack auditor responsibilities under ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
  • Explain the ethical obligations under APES 110 when non-compliance is identified, and
  • Identify how to improve detection, escalation, and reporting of non-compliance.
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This session is presented by:

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).

Colin Parker

Principal | GAAP Consulting

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.