Document ID: chunk:federal_register_of_legislation:F2021C01255:body:0:p3
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the text of the equivalent ISA) are identified with the prefix "Aus".

Compliance with this Auditing Standard enables compliance with ISA 530.

Auditing Standard ASA 530

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 530 Audit Sampling 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 530 incorporates subsequent amendments contained in another Auditing Standard made by the AUASB up to and including 3 March 2020 (see Compilation Details).

Auditing Standard ASA 530

Audit Sampling

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 periods commencing on or after 1 January 2010.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard applies when the auditor has decided to use audit sampling in performing audit procedures.  It deals with the auditor's use of statistical and non-statistical sampling when designing and selecting the audit sample, performing tests of controls and tests of details, and evaluating the results from the sample.

      2. This Auditing Standard complements ASA 500,[1] which deals with the auditor's responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor's opinion.  ASA 500 provides guidance on the means available to the auditor for selecting items for testing, of which audit sampling is one means.

Effective Date

3.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objective

4.                   The objective of the auditor, when using audit sampling, is to provide a reasonable basis for the auditor to draw conclusions about the population from which the sample is selected.

Definitions

5.                   For the purposes of the Australian Auditing Standards, the following terms have the meanings attributed below:

(a)                Audit sampling (sampling) means the application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population.

(b)                Population means the entire set of data from which a sample is