Document ID: chunk:federal_register_of_legislation:F2023C01120:reg:3:p11
Version: federal_register_of_legislation:F2023C01120
Segment Type: reg
Provision Reference: reg 3 (pt 11/12)
Character Range: 39690–42641

of the auditor's report, or, if later, the date of the auditor's report on the group financial reports, when applicable.[17]

Aus A23.1 Under section 307B of the Corporations Act 2001, the auditor or member of an audit firm is required to retain all audit working papers prepared by or for, or considered or used by, the auditor in accordance with the requirements of the Australian Auditing Standards until:

(a) The end of seven years after the date of the audit report prepared in relation to the audit or review to which the audit working papers relate; or

(b) An earlier date determined by the Australian Securities and Investments Commission for the audit working papers.

Aus A23.2 Relevant legislation or regulation, other than the Corporations Act 2001, may require the retention of audit working papers for specified periods.

A24.         An example of a circumstance in which the auditor may find it necessary to modify existing audit documentation or add new audit documentation after file assembly has been completed is the need to clarify existing audit documentation arising from comments received during monitoring activities or external inspections.

Appendix 1

(Ref: Para. 1)

Specific Audit Documentation Requirements in Other Australian Auditing Standards

This appendix identifies paragraphs in other Australian Auditing Standards that contain specific documentation requirements.  The list is not a substitute for considering the requirements and related application and other explanatory material in Australian Auditing Standards.

      * ASA 210 Agreeing the Terms of Audit Engagements – paragraphs 10‑12

      * ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information – paragraph 41

      * ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report – paragraphs 44‑47

      * ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report – paragraph 29

      * ASA 260 Communication with Those Charged with Governance – paragraph 23

      * ASA 300 Planning an Audit of a Financial Report – paragraph 12

      * ASA 315 Identifying and Assessing the Risks of Material Misstatement – paragraph 38

      * ASA 320 Materiality in Planning and Performing an Audit – paragraph 14

      * ASA 330 The Auditor's Responses to Assessed Risks – paragraphs 28‑30

      * ASA 450 Evaluation of Misstatements Identified During the Audit – paragraph 15

      * ASA 540 Auditing Accounting Estimates and Related Disclosures – paragraph 39

      * ASA 550 Related Parties – paragraph 28

      * ASA 600 Special Considerations—Audits of Group Financial Reports (Including the Work of Component Auditors) – paragraph 59

      * ASA 610 Using the Work of Internal Auditors – paragraph 36

      * ASA 720 The Auditor's Responsibilities Relating to Other Information – paragraph 25

[*]  Early adoption, in conjunction with ASA