Document ID: chunk:federal_register_of_legislation:F2023L00295:body:0:p4
Version: federal_register_of_legislation:F2023L00295
Segment Type: other
Provision Reference: 
Character Range: 10081–13354

Standards

    7.                   Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

    8.                   Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.

Amendments to ASA 102

    9.                   Existing paragraph 5 is amended to read as follows:

    For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

         (a)  …

         (c)  Engagement quality control reviewer means engagement quality reviewer as defined in ASQM 1.

         (d)    Firm means firm as defined in ASQM 1.

         (e)  Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality reviewer and firm. In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) (in November 2018 incorporating all amendments to December 2022), the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.

    10.               Existing paragraph 6 and its heading are amended to read as follows:

    Compliance with Relevant Ethical Requirements (Ref: Para. A1-A7A6)

    The auditor, assurance practitioner, engagement quality reviewer, and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.

    11.               Existing paragraph A1 is amended to read as follows:

    The auditor, assurance practitioner, engagement quality reviewer, and firm are to have regard to the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board LimitedAPESB, which are to be taken into account in determining whether relevant ethical requirements referred to in paragraph 6 of this Auditing Standard have been met. In relation to audits and reviews undertaken in accordance with the Corporations Act 2001, the provisions of Division 3 Part 2M.4 of the Act may also apply

    12.               Existing paragraph A3 is amended to read as follows:

    APES 110 provides a conceptual framework that establishes the approach which the auditor, assurance practitioner, engagement quality reviewer and firm are required to apply in order towhen identifying, evaluatinge and addressing threats to compliance with the fundamental principles.

    13.               Existing paragraph A4 is amended to read as follows:

    In the case of audits,