Document ID: chunk:federal_register_of_legislation:F2023C01128:reg:17:p22
Version: federal_register_of_legislation:F2023C01128
Segment Type: reg
Provision Reference: reg 17 (pt 22/25)
Character Range: 68184–71243

and related application and other explanatory material in Australian Auditing Standards.

      * ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements ‑ paragraph 34(e)

      * ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report – paragraphs 21, 38(c)(i) and 40‑42

      * ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report ‑ paragraphs 15, 20 and 23–25

      * ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management – paragraph 9

      * ASA 450 Evaluation of Misstatements Identified during the Audit – paragraphs 12‑13

      * ASA 505 External Confirmations – paragraph 9

      * ASA 510 Initial Audit Engagements―Opening Balances – paragraph 7

      * ASA 540 Auditing Accounting Estimates and Related Disclosures – paragraph 38

      * ASA 550 Related Parties – paragraph 27

      * ASA 560 Subsequent Events – paragraphs 7(b)‑(c), 10(a), 13(b), 14(a) and 17

      * ASA 570 Going Concern – paragraph 25

      * ASA 600 Special Considerations―Audits of a Group Financial Report (Including the Work of Component Auditors) – paragraph 57

      * ASA 610 Using the Work of Internal Auditors – paragraph 20

      * ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report – paragraph 17

      * ASA 705 Modifications to the Opinion in the Independent Auditor's Report – paragraphs 12, 14, 23 and 30

      * ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report – paragraph 12

      * ASA 710 Comparative Information—Corresponding Figures and Comparative Financial Reports – paragraph 18

      * ASA 720 The Auditor's Responsibilities Relating to Other Information – paragraphs 17-19
Appendix 2

(Ref: Para. 16(a), A19‑A20)

Qualitative Aspects of Accounting Practices

The communication required by paragraph 16(a), and discussed in paragraphs A19–A20, may include such matters as:

Accounting Policies

      * The appropriateness of the accounting policies to the particular circumstances of the entity, having regard to the need to balance the cost of providing information with the likely benefit to users of the entity's financial report.  Where acceptable alternative accounting policies exist, the communication may include identification of the financial report items that are affected by the choice of significant accounting policies as well as information on accounting policies used by similar entities.

      * The initial selection of, and changes in, significant accounting policies, including the application of new accounting pronouncements.  The communication may include: the effect of the timing and method of adoption of a change in accounting policy on the current and future earnings of the entity; and the timing of a change in accounting policies in relation to expected new accounting pronouncements.

      * The