Document ID: chunk:federal_register_of_legislation:F2023C01120:reg:3:p2
Version: federal_register_of_legislation:F2023C01120
Segment Type: reg
Provision Reference: reg 3 (pt 2/12)
Character Range: 13576–16824

Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 230 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 230

Audit Documentation

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 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.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with the auditor's responsibility to prepare audit documentation for an audit of a financial report.  Appendix 1 lists other Auditing Standards that contain specific documentation requirements and guidance.  The specific documentation requirements of other Auditing Standards do not limit the application of this Auditing Standard.  Law or regulation may establish additional documentation requirements.

Nature and Purpose of Audit Documentation

2.                   Audit documentation that meets the requirements of this Auditing Standard and the specific documentation requirements of other relevant Australian Auditing Standards provides:

(a)                Evidence of the auditor's basis for a conclusion about the achievement of the overall objective of the auditor;[1] and

(b)                Evidence that the audit was planned and performed in accordance with Australian Auditing Standards and applicable legal and regulatory requirements.

3.                   Audit documentation serves a number of additional purposes, including the following:

           * Assisting the engagement team to plan and perform the audit.

           * Assisting members of the engagement team responsible for supervision to direct and supervise the audit work, and to discharge their review responsibilities in accordance with ASA 220.[2]

           * Enabling the engagement team to be accountable for its work.

           * Retaining a record of matters of continuing significance to future audits.

           * Enabling the conduct of engagement quality  reviews,[3] other types of engagement reviews[4] and monitoring activities under the firm's system of quality management.

           * Enabling the conduct of external inspections in accordance with applicable legal, regulatory or other requirements.

Effective Date

4.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objective

5.                   The objective of the auditor is to prepare documentation that provides:

(a)                A sufficient and appropriate record of the basis for the auditor's report; and

(b)                Evidence that the audit was planned and