Document ID: chunk:federal_register_of_legislation:F2022C01186:reg:14:p1
Version: federal_register_of_legislation:F2022C01186
Segment Type: reg
Provision Reference: reg 14 (pt 1/30)
Character Range: 13007–17108

14                                                                                                         Amended       ASA 2021-1 [21]
A20                                                                                                        Amended       ASA 2021-1 [22]
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A20                                                                                                        Amended       ASA 2021-1 [24]
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A28                                                                                                        Amended       ASA 2021-1 [27]
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A31                                                                                                        Amended       ASA 2021-1 [28]
A31                                                                                                        Amended       ASA 2021-1 [29]
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AUTHORITY STATEMENT

 Auditing Standard ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (as amended to 5 November 2021) is set out in paragraphs Aus 0.1 to A83.

 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.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing 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".

The following requirement is additional to ISA 200:

Paragraph Aus 23.1 - Where in rare and exceptional circumstances, factors outside the auditors control prevent the auditor from complying with an essential procedure contained within a relevant requirement, the auditor shall:

    (a)           If possible, perform appropriate alternative audit procedures; and

    (b)           In accordance with ASA 230, document in the working papers:

       (i)            The circumstances surrounding the inability to comply;

       (ii)          The reasons for the inability to comply; and

       (iii)        Justification of how alternative audit procedures achieve the objectives of the  requirement.

    When the auditor is unable to perform the appropriate alternative audit procedures, the auditor shall consider the requirement in paragraph 24 of this Auditing Standard.  (Ref: Para. A81‑Aus A81.1)

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 200 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.  There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISA 200.

Auditing Standard ASA 200

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001,