Document ID: chunk:federal_register_of_legislation:F2023C01132:reg:23:p1
Version: federal_register_of_legislation:F2023C01132
Segment Type: reg
Provision Reference: reg 23 (pt 1/23)
Character Range: 8189–11272

23                               Amended       ASA 2021-5 [23]
Footnote 11
A13                              Amended       ASA 2022-1 [34]

Footnote 19
A38                              Amended       ASA 2022-1 [35]

AUTHORITY STATEMENT

 Auditing Standard ASA 550 Related Parties (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A50.

 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 550 Related Parties 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 requirements are additional to ISA 550:

      * If the auditor is unable to:

              + obtain sufficient appropriate audit evidence regarding related parties and related party transactions; or

              + form a conclusion as to the completeness of the disclosure of related party relationships and transactions in accordance with the applicable financial reporting framework;

the auditor shall modify the auditor's opinion in accordance with ASA 705.  (Ref: Para. Aus 27.1)

      * If the auditor concludes that the related party disclosures in the financial report do not satisfy the requirements of the applicable financial reporting framework, the auditor shall modify the auditor's opinion in accordance with ASA 705.  (Ref: Para. Aus 27.2)

Compliance with this Auditing Standard enables compliance with ISA 550.

Auditing Standard ASA 550

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 550 Related Parties pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 550 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 550

Related Parties

Application

Aus 0.1 This Auditing Standard applies to:

(a) 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

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

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting