Document ID: chunk:federal_register_of_legislation:F2025L00106:body:0:p2
Version: federal_register_of_legislation:F2025L00106
Segment Type: other
Provision Reference: 
Character Range: 3097–6499

2021 (as amended to November 2021).

The revised Auditing Standard:

     1.                 expands the scope of ASA 101 to include Australian Standards on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements and ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001; and

     2.                 clarifies that Australian Standards on Quality Management are not legally enforceable under the Corporations Act 2001.

AUTHORITY STATEMENT

 Auditing Standard ASA 101 Preamble to AUASB Standards (January 2025) is set out in paragraphs 1 to A55.

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard 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 on Auditing

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

Where relevant, the AUASB has aligned the wording of this Auditing Standard with the IAASB's Preface to the International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements.

Auditing Standard ASA 101

Preamble to AUASB Standards

Application

 1.                    This Auditing Standard applies to:

         1.                 an audit of a financial report for a financial year, or an audit or review of a financial report for a half-year, in accordance with the Corporations Act 2001 (the Act);

         2.                 an audit or review of a financial report, or a complete set of financial statements, for any other purpose;

         3.                 an audit or review of other financial information;

         4.                 an audit or review of information in a sustainability report for a financial year, in accordance with the Act;

         5.                 an assurance engagement over sustainability information for other purposes;

         6.                  other assurance engagements;

         7.                 related services engagements; and

         8.                 a firm required to comply with ASQM 1.[1]

Operative Date

 1.                    This Auditing Standard is operative:

         1.                 for audits and reviews of financial reports, audits and reviews of information in sustainability reports and other assurance engagements that relate to reporting periods  - for reporting periods commencing on or after 1 January 2025;

         2.                 for other assurance or related services engagements commencing on or after 1 January 2025; and

         3.                 from 1 January 2025 for the purposes of ASQM 1.

Early adoption of this Auditing Standard is permitted.

Introduction

Scope of this Auditing Standard

 1.                    This Auditing Standard sets out how AUASB Standards are to be understood, interpreted and applied.

 2.                    AUASB Standards are to be read and applied in conjunction with this Auditing Standard. (Ref: Para. A1-A2)

Standards issued by the AUASB (Ref: Para. A3-A25)

 1.                    The AUASB derives its