Document ID: chunk:federal_register_of_legislation:F2024L01716:body:0:p2
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in ASA 600.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2024-1 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

Dated: 16 December 2024  D Niven
 Chair - AUASB

Conformity with International Standards on Auditing

This Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Auditing Standard ASA 2024-1

Amendments to Australian Auditing Standards

Application

     1.                    This Auditing Standard applies to:

           * 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

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

     1.                    This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

     1.                    This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2025.

Introduction

Scope of this Auditing Standard

     1.                    This Auditing Standard makes amendments to ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued May 2022). The amendments represent editorial corrections to revise minor inaccuracies in ASA 600.

Objective

     1.                    The objective of this Auditing Standard is to make amendments to ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued May 2022).

Definition

     1.                    For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

     1.                    Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

     2.                    Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.

Amendments to ASA 600

    Amendments to ASA 600 Appendix 1: [Aus] Illustration 1A

     1.                    [Aus] Illustration 1A: Illustration of Independent Auditor's Report When the Group Auditor Is Not Able to