Document ID: chunk:federal_register_of_legislation:F2023C00360:reg:5:p2
Version: federal_register_of_legislation:F2023C00360
Segment Type: reg
Provision Reference: reg 5 (pt 2/3)
Character Range: 8327–11722

Auditing Standards made by the AUASB up to and including 15 March 2023 (see Compilation Details).

Auditing Standard ASA 102

Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements

Application

      1. This Auditing Standard applies to:

           * an audit of a financial report for a financial year, or an audit or review of a financial report for a half-year, in accordance with the Corporations Act 2001;

           * an audit or review of a financial report, or a complete set of financial statements, for any other purpose;

           * an audit or review of other financial information;

           * other assurance engagements; and

           * a firm required to comply with 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.

Operative Date

2.                   This Auditing Standard is operative for engagements with financial reporting periods ending on or after 31 December 2019.  Early adoption of this Auditing Standard is permitted prior to this date. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

3.                   This Auditing Standard includes a requirement for auditors, assurance practitioners, engagement quality reviewers and firms to comply with relevant ethical requirements, including those pertaining to independence, relating to audits, reviews and other assurance engagements.

Objective

4.                   The objective of the auditor, assurance practitioner, engagement quality reviewer and firm is to comply with relevant ethical requirements, including those pertaining to independence, relating to audits, reviews and other assurance engagements.

Definitions

5.                   For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

(a)                Assurance practitioner means assurance practitioner as defined in ASQM 1.

(b)                Auditor means auditor as defined in ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

(c)                Engagement quality reviewer means engagement quality reviewer as defined in ASQM 1.

(d)                Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality reviewer and firm.  In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) (November 2018 incorporating all amendments to December 2022), the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.

Requirements

Compliance with Relevant Ethical Requirements (Ref: Para. A1-A6)

6.                   The auditor, assurance practitioner, engagement quality reviewer and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.

* * *

Application and Other Explanatory Material

Compliance with Relevant Ethical Requirements (Ref: