Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p2
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 4352–7349

AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.

Main Features

This Auditing Standard makes amendments to the requirements and/or application and other explanatory material and/or appendices of the following Auditing Standards:

ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019)

ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to June 2020)

ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to May 2017)

ASA 230 Audit Documentation (Issued October 2009 and amended to December 2018)

ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Issued May 2017 and amended to June 2020)

ASA 260 Communication With Those Charged with Governance (Issued December 2015 and amended to June 2020)

ASA 300 Planning an Audit of a Financial Report (Issued October 2009 and amended to December 2015)

ASA 315 Identifying and Assessing the Risks of Material Misstatement (Issued February 2020)

ASA 500 Audit Evidence (Issued October 2009 and amended to December 2018)

ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued December 2018)

ASA 600 Special Considerations-Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued October 2009 and amended to June 2020)

ASA 610 Using the Work of Internal Auditors (Issued November 2013)

ASA 620 Using the Work of an Auditor's Expert (Issued October 2009 and amended to June 2020)

ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to June 2020)

ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report (Issued December 2015 and amended to December 2018)

ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to June 2020)

The amendments arise from changes made by the International Auditing and Assurance Standards Board (IAASB) to ISQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, ISQM 2 Engagement Quality Reviews and ISA 220 (Revised) Quality Management for an Audit of Financial Statements.  Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the International Standards on Auditing (ISAs) and to make appropriate consequential amendments to the Australian Auditing Standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-1 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments