Document ID: chunk:federal_register_of_legislation:F2023C01125:body:0:p3
Version: federal_register_of_legislation:F2023C01125
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Character Range: 6887–9906

of a Financial Report (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A36.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix "Aus".

The following application and other explanatory material are additional to ISA 250:

      * Paragraph Aus A20.1 refers to provisions relating to the protection of whistleblowers contained in Part 9.4AAA of the Corporations Act 2001 that the auditor may need to consider.

      * Paragraph Aus A26.1 refers to an audit conducted under the Corporations Act 2001, where the auditor identifies non‑compliance with an Australian Accounting Standard, defects or irregularities in the financial report or deficiencies, failures or shortcomings in respect of section 307 of the Act.

      * Paragraph Aus A29.1 refers to requirements to report in certain circumstances to the Australian Securities and Investment Commission (ASIC).

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 250 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISA 250.

Auditing Standard ASA 250

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 250 Considerations of Laws and Regulations in an Audit of a Financial Report pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 30 May 2017.

This compiled version of ASA 250 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 27 April 2022 (see Compilation Details).

Auditing Standard ASA 250

Consideration of Laws and Regulations in an Audit of a Financial Report

Application

Aus 0.1 This Auditing Standard applies to:

 (a) an audit of a financial report for a financial year, or an audit of a financial report