Document ID: chunk:federal_register_of_legislation:F2025C00096:body:0:p4
Version: federal_register_of_legislation:F2025C00096
Segment Type: other
Provision Reference: 
Character Range: 10321–13275

of a financial report for a half-year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2023.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

 1.                    The Australian Auditing Standards (ASAs) apply to the audit of a group financial report (a group audit). This ASA deals with special considerations that apply to a group audit, including in those circumstances when component auditors are involved. The requirements and guidance in this ASA refer to, or expand on, the application of other relevant ASAs to a group audit, in particular ASA 220,[1] ASA 230,[2] ASA 300,[3] ASA 315,[4] and ASA 330.[5] (Ref: Para. A1–A2)

 2.                    A group financial report includes the financial information of more than one entity or business unit through a consolidation process, as described in paragraph 14(k). The term consolidation process as used in this ASA refers not only to the preparation of a consolidated financial report in accordance with the applicable financial reporting framework, but also to the presentation of a combined financial report, and to the aggregation of the financial information of entities or business units such as branches or divisions. (Ref: Para. A3–A5, A27)

 3.                    As explained in ASA 220,[6] this ASA, adapted as necessary in the circumstances, may also be useful in an audit of a financial report other than a group audit when the engagement team includes individuals from another firm. For example, this ASA may be useful when involving such an individual to attend a physical inventory count, inspect property, plant and equipment, or perform audit procedures at a shared service centre at a remote location.

Groups and Components

 1.                    A group may be organised in various ways. For example, a group may be organised by legal or other entities (e.g., a parent and one or more subsidiaries, joint ventures, or investments accounted for by the equity method). Alternatively, the group may be organised by geography, by other economic units (including branches or divisions), or by functions or business activities. In this ASA, these different forms of organisation are collectively referred to as "entities or business units." (Ref: Para. A6)

 2.                    The group auditor determines an appropriate approach to planning and performing audit procedures to respond to the assessed risks of material misstatement of the group financial report. For this purpose, the group auditor uses professional