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ASA 2021-5
   (November 2021)

Auditing Standard ASA 2021-5
Amendments to Australian Auditing Standards

Issued by the Auditing and Assurance Standards Board

Obtaining a Copy of this Auditing Standard

This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au

Contact Details
Auditing and Assurance Standards Board  Phone: (03) 8080 7400
Podium Level 14, 530 Collins Street     E-mail: enquiries@auasb.gov.au
Melbourne   Victoria   3000
AUSTRALIA
                                        Postal Address:
                                        PO Box 204, Collins Street West
                                        Melbourne   Victoria   8007
                                        AUSTRALIA

COPYRIGHT

© 2021 Commonwealth of Australia.  The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).

Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au.  Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.

ISSN 1833-4393

CONTENTS

PREFACE

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application...............................................................1-2

Operative Date..............................................................3

Introduction

Scope of this Auditing Standard..................................................4

Objective..................................................................5

Definition..................................................................6

Amendments to Auditing Standards............................................7-8

Amendments to ASA 101.....................................................9-11

Amendments to ASA 200....................................................12-17

Amendments to ASA 240......................................................18

Amendments to ASA 330......................................................19

Amendments to ASA 502....................................................20-21

Amendments to ASA 540......................................................22

Amendments to ASA 550......................................................23

Amendments to ASA 560......................................................24

Amendments to ASA 570......................................................25

Amendments to ASA 610....................................................26-30

Amendments to ASA 620......................................................31

Amendments to ASA 710......................................................32

Amendments to ASRE 2415....................................................33

preface

Reasons for Issuing ASA 2021-5

The AUASB issues Auditing Standard ASA 2021-5 Amendments to Australian Auditing Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.

The AUASB is a non corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act).  Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation.  These Auditing Standards are legislative instruments under the Legislation Act 2003.

Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.

Main Features

This Auditing Standard makes amendments to the requirements and application & other explanatory material of the following Auditing Standards:

ASA 101 Preamble to AUASB Standards (Issued 7 September