Document ID: chunk:federal_register_of_legislation:F2025L00108:body:0:p2
Version: federal_register_of_legislation:F2025L00108
Segment Type: other
Provision Reference: 
Character Range: 3513–6757

Sustainability Assurance Engagements:

ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements (Issued March 2021 and amended to April 2022)

ASQM 2 Engagement Quality Reviews (Issued March 2021 and amended to April 2022)

ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2023)

The amendments are consistent with changes made by the International Auditing and Assurance Standards Board (IAASB) on the issuing of International Standard on Sustainability Assurance ISSA 5000 General Requirements for Sustainability Assurance Engagements.  Under the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the standards issued by the IAASB and to make appropriate consequential amendments to the Australian standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2025-2 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

Dated: 28 January 2025  D Niven
 Chair - AUASB

Conformity with International Standards

This standard has been made for Australian legislative purposes and accordingly there is no equivalent standard issued by the International Auditing and Assurance Standards Board (IAASB).

Auditing Standard ASA 2025-2

Amendments to Australian Auditing Standards

Application

 1.                    The amendments in this Standard apply in accordance with the application paragraphs (as amended by this Standard) of each amended standard.

Operative Date

 1.                    The amendments made by this Standard are operative as follows:

         1.                 Amendments to ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements (Issued March 2021 and amended to April 2022) (ASQM 1) apply from 1 January 2025; and

         2.                 Amendments to the following standards apply for periods beginning on or after 1 January 2025:

                 1.                  ASQM 2 Engagement Quality Reviews (Issued March 2021 and amended to April 2022) (ASQM 2); and

(ii) ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to April 2022).

Introduction

Scope of this Standard

 1.                    This Standard amends ASQM 1, ASQM 2 and ASA 720.

Objective

 1.                    The objective of this Standard is to amend ASQM 1, ASQM 2 and ASA 720 on the issue of Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements (ASSA 5000), consistent with changes made to the corresponding standards issued by the International Auditing and Assurance Standards Board on the issue of International Standard on Sustainability Assurance ISSA 5000 General Requirements