Document ID: chunk:federal_register_of_legislation:F2023C01133:reg:7:p2
Version: federal_register_of_legislation:F2023C01133
Segment Type: reg
Provision Reference: reg 7 (pt 2/17)
Character Range: 9512–12432

on the external audit engagement.  (Ref: Para. Aus 25.1)

Compliance with this Auditing Standard enables compliance with ISA 610.

Auditing Standard ASA 610

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 610 Using the Work of Internal Auditors pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 11 November 2013.

This compiled version of ASA 610 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 610

Using the Work of Internal Auditors

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit or a review 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 2014.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. [Deleted by the AUASB.  Refer Aus 1.1 and Aus 1.2]

Aus 1.1 This Auditing Standard deals with the external auditor's responsibilities if using the work of internal auditors.  This includes using the work of the internal audit function in obtaining audit evidence.

Aus 1.2 The use of internal auditors to provide direct assistance is prohibited in an audit or review conducted in accordance with the Australian Auditing Standards.[*]  For a group audit, this prohibition extends to the use of internal auditors to provide direct assistance in an audit or review of a component, including an overseas component, conducted in accordance with the Australian Auditing Standards.[#]

2.                   This Auditing Standard does not apply if the entity does not have an internal audit function.  (Ref: Para. A2)

3.                   If the entity has an internal audit function, the requirements in this Auditing Standard relating to using the work of that function do not apply if:

(a)                The responsibilities and activities of the function are not relevant to the audit; or

(b)                Based on the auditor's preliminary understanding of the function obtained as a result of procedures performed under ASA 315,[1] the external auditor does not expect to use the work of the function in obtaining audit evidence.

    Nothing in this Auditing Standard requires the external auditor to use the work of the internal audit function to modify the nature or timing,