Document ID: chunk:federal_register_of_legislation:F2023C01136:reg:9:p1
Version: federal_register_of_legislation:F2023C01136
Segment Type: reg
Provision Reference: reg 9 (pt 1/24)
Character Range: 6317–9643

9                         Amended       ASA 2018-1 [60]
Subheading following A22  Amended       ASA 2018-1 [61]
A24                       Amended       ASA 2018-1 [62]
A24                       Amended       ASA 2018-1 [63]
Footnote 28
A20                       Amended       ASA 2020-1 [207]
A20                       Addition      ASA 2020-1 [207]
Footnote 24
Renumbering of footnotes  Amended       ASA 2020-1 [208]
A22                       Amended       ASA 2020-1 [209]
Footnote 27
A15                       Amended       ASA 2021-1 [111]
A15                       Amended       ASA 2021-1 [112]

Footnotes 21 and 22
A63                       Amended       ASA 2021-1[113]
A15                       Amended       ASA 2022-1 [41]

Footnote 20

AUTHORITY STATEMENT

 Auditing Standard ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A64.

 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 701 Communicating Key Audit Matters in the Independent Auditor's Report 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 following scope paragraph is additional to ISA 701:

      * Paragraph Aus 5.1 indicates that key audit matters are not required to be communicated in auditor's reports on condensed financial reports prepared in accordance with AASB 134 Interim Financial Reporting.

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 701 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 701.

Auditing Standard ASA 701

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 1 December 2015.

This compiled version of ASA 701 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 27 April 2022 (see Compilation Details).

Auditing Standard ASA 701

Communicating Key Audit Matters in the Independent Auditor's Report

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a