Document ID: chunk:federal_register_of_legislation:F2021C01244:reg:1:p1
Version: federal_register_of_legislation:F2021C01244
Segment Type: reg
Provision Reference: reg 1 (pt 1/7)
Character Range: 5711–8776

1                   Amended       ASA 2020-1 [133]
Footnote 1
A18                 Amended       ASA 2020-1 [134]
Footnote 10

AUTHORITY STATEMENT

 Auditing Standard ASA 520 Analytical Procedures (as amended to 3 March 2020) is set out in paragraphs Aus 0.1 to A21.

 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.  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.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 520 Analytical Procedures, 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".

Compliance with this Auditing Standard enables compliance with ISA 520.

Auditing Standard ASA 520

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 520 Analytical Procedures 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 520 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including  3 March 2020  (see Compilation Details).

Auditing Standard ASA 520

Analytical Procedures

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 by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with the auditor's use of analytical procedures as substantive procedures ("substantive analytical procedures").  It also deals with the auditor's responsibility to perform analytical procedures near the end of the audit that assist the auditor when forming an overall conclusion on the financial report.  ASA 315[1] deals with the use of analytical procedures as risk assessment procedures.  ASA 330 includes requirements and guidance regarding the nature, timing and extent of audit procedures in response to assessed risks; these audit procedures may include