Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p5
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 12908–16149

of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) in November 2018, which are to be taken into account in determining whether relevant ethical requirements have been met. The AUASB proposes to amend or re-make ASA 102 whenever APES 110 is amended or revised, to ensure that such cross references remain current and to eliminate the need to amend other AUASB Standards.

9.                   Existing fifth paragraph of "Preface" is amended to read as follows:

The AUASB has made ASA 102 in a format that is consistent with the other Australian Auditing Standards operative for financial reporting periods commencing on or after 1 January 2010 and for firms required to establish systems of quality controlmanagement in compliance with ASQCM 1 Quality ControlManagement for Firms that Perform Audits andor Reviews of Financial Reports and Other Financial Information, or Other Assurance Engagements andor Related Services Engagements by 1 January 201015 December 2022.

10.               Existing first paragraph of "Main Features" is amended to read as follows:

This Auditing Standard establishes requirements and provides application and other explanatory material regarding the responsibilities of auditors, assurance practitioners, engagement quality control reviewers and firms to comply with relevant ethical requirements, including those pertaining to independence, relating to audits, reviews and other assurance engagements.

11.               Existing second paragraph of "Conformity with International Standards on Auditing" is amended to read as follows:

However, the requirement and application and other explanatory material in this Auditing Standard have been drawn from ISQCM 1 Quality ControlManagement for Firms that Perform Audits andor Reviews of Financial Statements, andor Other Assurance andor Related Services Engagements, ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing and ISA 220 Quality ControlManagement for an Audit of Financial Statements, as issued by the IAASB, as listed in the following table:

…

12.               Existing paragraph 1 is amended to read as follows:

This Auditing Standard applies to:

         (a)  …

         (e)  a firm required to comply with ASQCM 1 Quality ControlManagement for Firms that Perform Audits andor Reviews of Financial Reports and Other Financial Information, or Other Assurance Engagements andor Related Services Engagements.

13.               Existing paragraph 3 is amended to read as follows:

This Auditing Standard includes a requirement for auditors, assurance practitioners, engagement quality control reviewers and firms to comply with relevant ethical requirements, including those pertaining to independence, relating to audits, reviews and other assurance engagements.

14.               Existing paragraph 4 is amended to read as follows:

The objective of the auditor, assurance practitioner, engagement quality control reviewer and firm is to comply with relevant ethical requirements, including those pertaining to independence, relating