Document ID: chunk:federal_register_of_legislation:F2021C01242:reg:5:p1
Version: federal_register_of_legislation:F2021C01242
Segment Type: reg
Provision Reference: reg 5 (pt 1/12)
Character Range: 7496–10532

5                                Amended       ASA 2021-5 [24]

AUTHORITY STATEMENT

 Auditing Standard ASA 560 Subsequent Events (as amended to 5 November 2021) is set out in paragraphs Aus 0.1 to Aus A20.1.

 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 560 Subsequent Events 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 requirement is additional to ISA 560:

      * Paragraph Aus 12.1:  For an audit engagement conducted under the Corporations Act 2001, management, and those charged with governance, are prohibited from restricting an amendment of the financial report to the effects of the subsequent event or events causing that amendment.  Consequently, the auditor is prohibited from restricting audit procedures as required under paragraph 11(b)(i) of this Auditing Standard to such an amendment.
        [Ref: Para. Aus 12.1]

      * Paragraph Aus 14.1 clarifies the timing of communications the auditor may take when facts become known to the auditor after the financial report has been issued that, had it been known to the auditor at the date of the auditor's report, may have caused the auditor to amend the auditor's report.

The following application and other explanatory material are additional to ISA 560:

      * Paragraph Aus A20.1 contains application material on the possible actions the auditor may take when facts become known to the auditor after the financial report has been issued that, had it been known to the auditor at the date of the auditor's report, may have caused the auditor to amend the auditor's report.

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 560 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 560.

Auditing Standard ASA 560

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 560 Subsequent Events pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section