Document ID: chunk:federal_register_of_legislation:F2020L00885:body:0:p3
Version: federal_register_of_legislation:F2020L00885
Segment Type: other
Provision Reference: 
Character Range: 7036–10335

Standards in response to the revised International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code).  Under the Strategic Direction given to the AUASB by the FRC, the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of International Standards on Auditing and to make appropriate consequential amendments to the Australian Auditing Standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2020-2 Amendments to Australian Auditing Standards made under Section 336 of the Corporations Act 2001 pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

Dated: 30 June 2020 R Simnett AO
 Chair - AUASB

Conformity with International Standards on Auditing

This Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Auditing Standard ASA 2020-2

Amendments to Australian Auditing Standards made under Section 336 of the Corporations Act 2001

Application

      1. This Auditing Standard applies to:

           * 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

           * an audit of a financial report, or a complete set of financial statements, for any other purpose.

2.                   This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

3.                   This Auditing Standard is operative for financial reporting periods ending on or after 15 July 2020.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standards made under Section 336 of the Corporations Act 2001 to:

         (a)                reflect changes made by the International Auditing and Assurance Standards Board (IAASB) to numerous International Standards on Auditing in response to the revised International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code); and

         (b)                update references to the revised APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited.

Objective

5.                   The objective of this Auditing Standard is to make amendments to the following Auditing Standards:

(a)                ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other Assurance Engagements and Related Services Engagements (Issued 27 October 2009 and amended to 30 May 2017)

(b)                ASA 100 Preamble to AUASB Standards (Issued