Document ID: chunk:federal_register_of_legislation:F2017L01179:body:0:p5
Version: federal_register_of_legislation:F2017L01179
Segment Type: other
Provision Reference: 
Character Range: 12484–15767

Review of Listed Entities (ref para Aus 21.1).

17.               As a result of the change made above, paragraph references are re-numbered and references to these paragraphs are updated accordingly.

Amendments to ASA 240

18.               Footnote 3 to paragraph 5 is amended to read as follows:

    See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards, paragraph A53‑A54A51.

19.               Footnote 4 to paragraph 6 is amended to read as follows:

    See ASA 200, paragraph A53A51.

20.               A new paragraph after existing paragraph 8 is inserted as follows:

    The auditor may have additional responsibilities under law, regulation or relevant ethical requirements regarding an entity's non‑compliance with laws and regulations, including fraud, which may differ from or go beyond this and other Australian Auditing Standards, such as: (Ref: Para. A6)

(a)                Responding to identified or suspected non‑compliance with laws and regulations, including requirements in relation to specific communications with management and those charged with governance, assessing the appropriateness of their response to non‑compliance and determining whether further action is needed;

(b)                Communicating identified or suspected non‑compliance with laws and regulations to other auditors (e.g., in an audit of a group financial report); and

(c)                Documentation requirements regarding identified or suspected non‑compliance with laws and regulations.

    Complying with any additional responsibilities may provide further information that is relevant to the auditor's work in accordance with this and other Australian Auditing Standards (e.g., regarding the integrity of management or, where appropriate, those charged with governance).

21.               Existing paragraph 12 is amended to read as follows:

    In accordance with ASA 200[4], the auditor shall maintain professional scepticism throughout the audit, recognising the possibility that a material misstatement due to fraud could exist, notwithstanding the auditor's past experience of the honesty and integrity of the entity's management and those charged with governance.  (Ref: Para. A8‑A9)

22.               Existing paragraph 40 is amended to read as follows:

    If the auditor has identified a fraud or has obtained information that indicates that a fraud may exist, the auditor shall communicate these matters, unless prohibited by law or regulation, on a timely basis withto the appropriate level of management in order to inform those with primary responsibility for the prevention and detection of fraud of matters relevant to their responsibilities. (Ref: Para. A61–A62A60)

23.               Existing paragraph 41 is amended to read as follows:

    Unless all of those charged with governance are involved in managing the entity, if the auditor has identified or suspects fraud involving:

(a)                management;

(b)                employees who have significant roles in internal control; or

(c)                others where the fraud results in a material misstatement in the financial report,

    the auditor shall communicate these matters withto those charged