Document ID: chunk:federal_register_of_legislation:F2021L01525:body:0:p2
Version: federal_register_of_legislation:F2021L01525
Segment Type: other
Provision Reference: 
Character Range: 4180–7138

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 2021)

ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 7 September 2021)

ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)

ASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)

ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)

ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)

ASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)

ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)

ASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)

ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)

ASA 620 Using the Work of an Auditor's Expert (Issued 27 October 2009 and amended to 30 June 2020)

ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)

ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)

The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-5 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: 5 November 2021  W R Edge
 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 2021-5

Amendments to Australian Auditing Standards

Application

      1. This Auditing Standard applies to:

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

           * an audit or a review of a financial report,