Document ID: chunk:federal_register_of_legislation:F2025L00105:body:0:p1
Version: federal_register_of_legislation:F2025L00105
Segment Type: other
Provision Reference: 
Character Range: 3–3708

ASA 2025-1
   (January 2025)

Auditing Standard ASA 2025-1 Amendments to Australian Auditing Standards

Issued by the Auditing and Assurance Standards Board

Obtaining a Copy of this Auditing Standard

This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au

Contact Details
Auditing and Assurance Standards Board

Phone: (03) 8080 7400
E-mail: enquiries@auasb.gov.au

Postal Address:
PO Box 204, Collins Street West
Melbourne   Victoria   8007
AUSTRALIA

COPYRIGHT

© 2025 Commonwealth of Australia.  The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).

Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Director - National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au.  Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.

ISSN 1833-4393

CONTENTS

PREFACE

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application...............................................................1-2

Operative Date..............................................................3

Introduction

Scope of this Auditing Standard..................................................4

Objective..................................................................5

Definitions.................................................................6

Amendments to Auditing Standards............................................7-8

Amendments to ASA 700.....................................................9-16

Amendments to ASA 260....................................................17-23

preface

Reasons for Issuing ASA 2025-1

The AUASB issues Auditing Standard ASA 2025-1 Amendments to Australian Auditing Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.

The AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001.  Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation.  These Auditing Standards are legislative instruments under the Legislation Act 2003.

Under the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.

Main Features

This Auditing Standard amends the requirements and application and other explanatory material and appendices of the following Auditing Standards:

ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to March 2023)

ASA 260 Communication With Those Charged With Governance (Issued December 2015 and amended to March 2021)

 ASA 2025-1 amends:

    * ASA 700 in connection with disclosure concerning the application of auditor independence requirements in the Code in audit reports of public interest entities and certain other entities;  and

    *