Document ID: chunk:federal_register_of_legislation:F2021C01254:reg:5:p1
Version: federal_register_of_legislation:F2021C01254
Segment Type: reg
Provision Reference: reg 5 (pt 1/11)
Character Range: 5182–9032

5                                                                    Amended       ASA 2021‑5 [21]

AUTHORITY STATEMENT

 Auditing Standard ASA 502 Audit Evidence – Specific Considerations for Litigation and Claims as Amended (as amended to 5 November 2021) is set out in paragraphs Aus 0.1 to Aus A9.3 and [Aus] Appendix 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 the Litigation and Claims sections (paragraphs 1‑3, 9‑12 and A17‑A25) of International Standard on Auditing ISA 501 Audit Evidence – Specific Considerations for Selected Items, issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

The other paragraphs of ISA 501 relating to Inventory and Segment Information (paragraphs 4‑8, 13, A1‑A16 and A26‑A27) are incorporated into ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information.

The AUASB has decided to continue to issue ASA 502 as a separate Auditing Standard, in the same way that the previous standard, ASA 508 Enquiry Regarding Litigation and Claims, is a separate standard.  ASA 508 contains requirements and guidance that the AUASB considers important to carry forward in the Australian Auditing Standards, and as a result, the revised standard is better suited to presentation as a separate standard.

This Auditing Standard contains all the requirements and guidance contained in ISA 501 relating to Litigation and Claims, as well as additional requirements and guidance that are contained in ASA 508.
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, in conjunction with ASA 501, enables compliance with ISA 501.

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Table 1, following, shows how paragraphs in this Auditing Standard have been re‑numbered, compared to the equivalent paragraphs in ISA 501:

Table 1: Paragraph Re‑numbering in ASA 502
Description                                 ISA 501      ASA 502
Para.  #                                    Para.  #     "Aus" Para.  #
Requirements
Litigation and Claims                       9            4
                                            10           5               Aus 5.1‑Aus 5.2
                                            11           6
                                            12           7               Aus 7.1‑Aus 7.2
Application and Other Explanatory Material
Litigation and Claims                       A17          A1              Aus A1.1
                                            A18          A2              Aus A2.1‑Aus A2.2
                                            A19          A3
                                            A20          A4              Aus A 4.1
                                            A21          A5
                                            A22          A6
                                            A23          A7              Aus A7.1‑Aus A7.2
                                            A24          A8              Aus A8.1‑Aus A8.13
                                            A25          A9              Aus A9.1‑Aus A9.3
                                            Footnote 10  *
                                            Footnote 11  *

Auditing Standard ASA 502

The Auditing and Assurance Standards Board (AUASB)