Document ID: chunk:federal_register_of_legislation:F2017C00907:reg:15:p1
Version: federal_register_of_legislation:F2017C00907
Segment Type: reg
Provision Reference: reg 15 (pt 1/12)
Character Range: 8697–11873

15                                         Amendment     ASA 2017-2 [50]
A11                                        Amendment     ASA 2017-2 [51]
A20                                        Amendment     ASA 2017-2 [52]
A22                                        Amendment     ASA 2017-2 [53]

AUTHORITY STATEMENT

 Auditing Standard ASA 450 Evaluation of Misstatements Identified during the Audit (as amended to 30 May 2017) is set out in paragraphs Aus 0.1 to A30.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Dated: 30 May 2017

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 450 Evaluation of Misstatements Identified during the Audit 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 equivalent requirements and related application and other explanatory material included in ISA 450 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 450.

Auditing Standard ASA 450

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 450 Evaluation of Misstatements Identified during the Audit pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 450 incorporates subsequent amendments contained in another Auditing Standard made by the AUASB up to and including 30 May 2017 (see Compilation Details).

Auditing Standard ASA 450

Evaluation of Misstatements Identified during the Audit

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit 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 1 January 2010.  [Note: For operative dates of paragraphs changed or added