Document ID: chunk:federal_register_of_legislation:F2021L01525:body:0:p6
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that could be material may be subject to or affected by estimation uncertainty, complexity, subjectivity or other inherent risk factors, and the interrelationship among them. As explained in ASA 200,6  inherent risk is higher for some assertions and related classes of transactions, account balances and disclosures than for others. Accordingly, the assessment of inherent risk depends on the degree to which the inherent risk factors affect the likelihood or magnitude of misstatement, and varies on a scale that is referred to in this Auditing Standard as the spectrum of inherent risk. (Ref: Para. A8–A9, A65–A66, Appendix 1)

Amendments to ASA 550

23.               Existing footnote 11 in paragraph 23 is amended to read as follows:

See ASA 240, paragraph 3332(c).

Amendments to ASA 560

24.               As a result of the deletion of paragraph Aus A3.1 by paragraph 160 of ASA 2015-1 Amendments to Australian Auditing Standards, references to this paragraph are updated accordingly.

Amendments to ASA 570

Amendments to ASA 570 Appendix 2: [Aus] Illustration 4A

25.               [Aus] Illustration 4A: Example Auditor's Report for Disclaimer of Opinion (Limitation of Scope) Single listed Company-Corporations Act 2001 (Fair Presentation Framework), is amended as follows:

INDEPENDENT AUDITOR'S REPORT

…

Auditor's Responsibilities for the Audit of the Financial Report

[Reporting in accordance with ASA 700705 – see [Aus] Illustration 1A5 in ASA 700705.]

Amendments to ASA 610

26.               Existing footnote 1 in paragraph 3 is amended to read as follows:

See ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (as amended).

27.               Existing footnote 3 in paragraph 7 is amended to read as follows:

See ASA 315 (as amended), paragraph A118.

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

See ASA 315 (as amended), paragraph 14(a).

29.               Existing footnote 25 in paragraph A26 is amended to read as follows:

See ASA 315 (as amended), paragraph A118.

30.               Existing footnote 26 in paragraph A26 is amended to read as follows:

See ASA 315 (as amended), paragraph A11 in relation to ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report.

Amendments to ASA 620

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

An auditor's expert may be needed to assist the auditor in one or more of the following:

           * Obtaining an understanding of the entity and its environment, the applicable financial reporting framework and the, entity's system of internal control.

Amendments to ASA 710

32.               Existing footnote 5 in paragraph 16 is amended to read as follows:

See ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report, paragraphs 8 and Aus A8.1 Aus 8.1.

Amendments to ASRE 2415