Document ID: chunk:federal_register_of_legislation:F2023C01122:body:0:p3
Version: federal_register_of_legislation:F2023C01122
Segment Type: other
Provision Reference: 
Character Range: 6694–9750

other paragraphs of ISA 501 relating to Litigation and Claims (paragraphs 9-12 and A17-A25) are incorporated into ASA 502 Audit Evidence—Specific Considerations for Litigation and Claims.

The AUASB has decided to continue to issue ASA 502 as a separate Auditing Standard, in the same way that the previous standard, ASA 508 Enquiry Regarding Litigation and Claims (April 2006), is a separate standard.  ASA 508 contains requirements and guidance that the AUASB considers important to carry forward in the Australian Auditing Standards, and as a result, the revised standard is better suited to presentation as a separate standard.

This Auditing Standard, ASA 501, contains all the requirements and guidance contained in ISA 501 relating to Inventory and Segment Information.  Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix "Aus".

Compliance with this Auditing Standard, in conjunction with ASA 502, enables compliance with ISA 501.

Auditing Standard ASA 501

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 501 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 27 April 2022 (see Compilation Details).

Auditing Standard ASA 501

Audit Evidence—Specific Considerations for Inventory and Segment Information

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with specific considerations by the auditor in obtaining sufficient appropriate audit evidence in accordance with ASA 330,1F[1] ASA 5002F[2] and other relevant Australian Auditing Standards, with respect to certain aspects of inventory and segment information in an audit of a financial report.

Effective Date

2.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objective

3.                   The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the:

(a)                Existence and condition of inventory; and

(b)                [Deleted by the AUASB.  Refer ASA 502