Document ID: chunk:federal_register_of_legislation:F2023C01128:reg:17:p1
Version: federal_register_of_legislation:F2023C01128
Segment Type: reg
Provision Reference: reg 17 (pt 1/25)
Character Range: 7405–10749

17                       Amended       ASA 2020-2 [34]
A30                      Amended       ASA 2020-2 [35]
A49                      Amended       ASA 2020-2 [36]
A12                      Amended       ASA 2020-1 [58]
A13                      Amended       ASA 2020-1 [59]
A52                      Amended       ASA 2020-1 [60]
Footnote 27
A28                      Amended       ASA 2021-1 [49]
A28                      Deleted       ASA 2021-1 [49]
Footnote 23
Renumbering of Footnote  Amended       ASA 2021-1 [50]
A29                      Amended       ASA 2021-1 [51]
Appendix 1               Amended       ASA 2021-1 [52]
Appendix 1               Amended       ASA 2021-1 [53]
Footnote 27
A4
                         Amended       ASA 2022-1 [23]
Footnote 5
A4

Footnote 6               Addition      ASA 2022-1 [23]
Appendix 1               Amended       ASA 2022-1 [24]

AUTHORITY STATEMENT

 Auditing Standard ASA 260 Communication With Those Charged With Governance (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A54 and Appendix 1 and Appendix 2.

 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 260 Communication With Those Charged With Governance 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 requirement is additional to ISA 260:

      * Paragraph Aus 17.1 requires the auditor of entities audited in accordance with the Corporations Act 2001 to provide a statement to those charged with governance that the engagement team and others in the firm as appropriate, the firm, and, when applicable network firms, have complied with the independence requirements of section 307C of the Corporations Act 2001.

The following application and other explanatory material is additional to ISA 260:

      * Paragraph Aus A14.1 reminds the auditor in situations where the entity has an internal audit function to consider how the auditor and internal auditors can work together.

      * Paragraph Aus A31.1 refers to the relevant ethical requirements.

      * Paragraph Aus A44.1 refers to the auditor's reporting obligations to ASIC in certain circumstances.

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 260 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.  There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with