Document ID: chunk:federal_register_of_legislation:F2021C01255:body:0:p2
Version: federal_register_of_legislation:F2021C01255
Segment Type: other
Provision Reference: 
Character Range: 3284–7259

0.1-Aus 0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard.................................................1-2

Effective Date...............................................................3

Objective..................................................................4

Definitions.................................................................5

Requirements

Sample Design, Size and Selection of Items for Testing................................6-8

Performing Audit Procedures..................................................9-11

Nature and Cause of Deviations and Misstatements.................................12-13

Projecting Misstatements......................................................14

Evaluating Results of Audit Sampling.............................................15

Application and Other Explanatory Material

Definitions.............................................................A1-A3

Sample Design, Size and Selection of Items for Testing............................A4-A13

Performing Audit Procedures..............................................A14-A16

Nature and Cause of Deviations and Misstatements..................................A17

Projecting Misstatements.................................................A18-A20

Evaluating Results of Audit Sampling........................................A21-A23

Appendix 1: Stratification and Value-Weighted Selection

Appendix 2: Examples of Factors Influencing Sample Size for Tests of Controls

Appendix 3: Examples of Factors Influencing Sample Size for Tests of Details

Appendix 4: Sample Selection Methods

COMPILATION DETAILS

Auditing Standard ASA 530 Audit Sampling (as Amended)

This compilation takes into account amendments made up to and including 3 March 2020 and was prepared on 10 November 2021 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 530 (October 2009) as amended by another Auditing Standard which is listed in the Table below.

Table of Standards
Standard        Date made        Operative Date
ASA 530 [A]     27 October 2009  Financial reporting periods commencing on or after 1 January 2010
ASA 2020-1 [B]  3 March 2020     Financial reporting periods commencing on or after 15 December 2021[*]

    [A] Federal Register of Legislation – registration number F2009L04091, 17 November 2009

    [B] Federal Register of Legislation – registration number F2020L00252, 13 March 2020

Table of Amendments
Paragraph affected  How affected  By … [paragraph]
A7                  Amended       ASA 2020-1 [135]
Appendix 2          Amended       ASA 2020-1 [136]

AUTHORITY STATEMENT

 Auditing Standard ASA 530 Audit Sampling (as amended to 3 March 2020) is set out in paragraphs Aus 0.1 to A23 and Appendix 1 to 4.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 530 Audit Sampling issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

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 enables compliance with ISA 530.

Auditing Standard ASA 530

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 530 Audit Sampling