Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p13
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 35945–39029

adequate planning in accordance with this ASA, benefits the audit of a financial report in several ways, including the following: (Ref: Para. A1A0-A3)

           * …

55.               Existing paragraph 6 is amended to read as follows:

The auditor shall undertake the following activities at the beginning of the current audit engagement:

(a)                Performing procedures required by ASA 220 regarding the acceptance and continuance of the client relationship and the specific audit engagement;1

(b)                Evaluating compliance with relevant ethical requirements, including those related to independence, in accordance with ASA 220;2 and

(c)                …

56.               Existing footnotes 1 and 2 in paragraph 6 are amended to read as follows:

1 See ASA 220 Quality ControlManagement for an Audit of a Financial Report and Other Historical Financial Information, paragraphs 12-1322-24.

2 See ASA 220, paragraphs 9-1116-21.

57.               Existing paragraph 8 is amended to read as follows:

In establishing the overall audit strategy, the auditor shall consider the information obtained from complying with the requirements of ASA 220 and:

(a)                …

58.               The following footnote 4, is inserted to paragraph 8 of this Auditing Standard, following the wording "Ascertain the nature, timing and extent of resources necessary to perform the engagement."

See ASA 220, paragraph 25.

59.               As a result of the footnote insertion above, subsequent footnotes of this Auditing Standard are re-numbered and references to these footnotes are updated accordingly.

60.               Existing paragraph 9 is amended to read as follows:

The auditor shall develop an audit plan that shall include a description of:

(a)   The nature, timing and extent of the planned direction and supervision of engagement team members and the review of their work. (Ref: Para. A16–A17)

(ab) The nature, timing and extent of planned risk assessment procedures, as determined under ASA 315.4

(bc) The nature, timing and extent of planned further audit procedures at the assertion level, as determined under ASA 330.5

(cd) Other planned audit procedures that are required to be carried out so that the engagement complies with the Australian Auditing Standards. (Ref: Para. A12-A14)

61.               Existing paragraph 11 is deleted:

The auditor shall plan the nature, timing and extent of direction and supervision of engagement team members and the review of their work. (Ref: Para. A15-A17)

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

The auditor shall include in the audit documentation:6

(a)  …

(c) Any significant changes made during the audit engagement to the overall audit strategy or the audit plan, including significant changes to the nature, timing and extent of the planned direction and supervision of engagement team members and the review of their work,[7] and the reasons for such changes. (Ref: Para. A18-A21)

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

The