Document ID: chunk:federal_register_of_legislation:F2019L00016:front:0:p2
Version: federal_register_of_legislation:F2019L00016
Segment Type: other
Provision Reference: 
Character Range: 4001–7128

Direction, the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the International Standards on Auditing (ISAs) and to make appropriate consequential amendments to the Australian Auditing Standards.

Main Features

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

ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to December 2015)

ASA 230 Audit Documentation (Issued October 2009 and amended to December 2015)

ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued October 2009 and amended to May 2017)

ASA 260 Communication With Those Charged with Governance (Issued December 2015 and amended to May 2017)

ASA 500 Audit Evidence (Issued October 2009 and amended to May 2017)

ASA 505 External Confirmations (Issued October 2009)

ASA 520 Analytical Procedures (Issued October 2009)

ASA 580 Written Representations (Issued October 2009 and amended to December 2015)

ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to May 2017)

ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report (Issued December 2015 and amended to May 2017)).

The amendments arise mainly from changes made by the International Auditing and Assurance Standards Board (IAASB) to ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2018‑1 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: 5 December 2018  Roger Simnett
 Chair - AUASB

Conformity with International Standards on Auditing

This Auditing Standard has been made for Australian legislative purposes. It contains a series of proposed miscellaneous amendments to various Australian Auditing Standards (as shown) arising from the proposed revision of an existing Auditing Standard. The amendments, in the main, reflect similar amendments made to the 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 2018‑1

Amendments to Australian Auditing Standards

Application

      1. This Auditing Standard applies to:

(a)     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

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

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