Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p24
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 66942–70019

113.           Existing paragraph A63 is amended to read as follows:

The requirement in paragraph 17(b) to communicate with those charged with governance when the auditor has determined there are no key audit matters to communicate in the auditor's report may provide an opportunity for the auditor to have further discussion with others who are familiar with the audit and the significant matters that may have arisen (including the engagement quality control reviewer, where one has been appointed). These discussions may cause the auditor to re-evaluate the auditor's determination that there are no key audit matters.

Amendments to ASA 720 The Auditor's Responsibilities Relating to Other Information

114.           Existing paragraph A24 is amended to read as follows:

In accordance with ASA 220,10 the engagement partner is required to take responsibility for the direction, supervision and performance of the audit engagement direction and supervision of the members of the engagement team and the review of their work,[10] and determine that the nature, timing and extent of direction, supervision and review is planned and performed in complianceaccordance with the firm's policies or procedures, Australian Auditing Standards and applicable legal and regulatory requirements.[11] In the context of this Auditing Standard, factors that may be taken into account when determining the appropriate engagement team members to address the requirements of paragraphs 14–15, include:

           * …

115.           As a result of the footnotes insertion above, subsequent footnotes of this Auditing Standard are re-numbered and references to these footnotes are updated accordingly.

Commencement of the legislative instrument

For legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table.  Any other statement in column 2 has effect according to its terms.
Commencement information
Column 1                      Column 2             Column 3
Provisions                    Commencement         Date/Details
The whole of this instrument  14 December 2022.    14 December 2022.

    Note:  This table relates only to the provisions of this instrument as originally made.  It will not be amended to deal with any later amendments of this instrument.

  [12]  See ASA 220, paragraphs 16‒21.
  [13]   See ASA 220, paragraph A10.
  [7]  See ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements, paragraph 30.
  [3]  See ASQM 2 Engagement Quality Reviews.
  [4]  See ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements, paragraph A135.
  [5]  See ASA 220, paragraph 29.
  [7]  See ASA 220, paragraphs 30 and A91–A92.
  [8]  See ASA 220, paragraphs A73‒A74.
  [1]  See ASA 220, paragraphs 29–31.
  [11]  See ASQM 1, paragraph