Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p19
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 52884–56077

primarily obtained from audit procedures performed during the course of the audit, it may also include information obtained from other sources such as, for example, previous audits, in certain circumstances, a firm's quality control procedures for client acceptance and continuance andthrough the information obtained by the firm in the acceptance or continuance of the client relationship or engagement and in complying with certain additional responsibilities under law, regulation or relevant ethical requirements (e.g., regarding an entity's non-compliance with laws and regulations). The quality of all audit evidence is affected by the relevance and reliability of the information upon which it is based.

Amendments to ASA 540 Auditing Accounting Estimates and Related Disclosures

89.               Existing footnote 39 in paragraph A61 is amended to read as follows:

See ASA 220 Quality ControlManagement for an Audit of a Financial Report and Other Historical Financial Information, paragraphs 1425-26 and ASA 300 Planning an Audit of a Financial Report, paragraph 8(e).

Amendments to ASA 600 Special Considerations-Audits of a Group Financial Report (Including the Work of Component Auditors)

90.               Existing paragraph 4 is amended to read as follows:

In accordance with ASA 220,1 the group engagement partner is required to determinebe satisfied that those performing the group audit engagement, including component auditors, collectively have the appropriate competence and capabilities, including sufficient time. The group engagement partner is also responsible for the direction and, supervision of members of the group engagement team and performance of the group audit engagementreview of their work. [1].

91.               Existing footnote 1 in paragraph 4 is amended to read as follows:

See ASA 220 Quality ControlManagement for an Audit of a Financial Report and Other Historical Financial Information, paragraphs 14 and 1525-26.

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

Amendments to ASA 610 Using the Work of Internal Auditors

93.               Existing paragraph A11 is amended to read as follows:

Factors that may affect the external auditor's determination of whether the internal audit function applies a systematic and disciplined approach include the following:

           * …

           * Whether the internal audit function has appropriate quality control policies and procedures, for example, such as those policies and procedures in ASQC 116 that would be applicable to an internal audit function (such as those relating to leadership, human resources and engagement performance) or quality control requirements in standards set by the relevant professional bodies for internal auditors. Such bodies may also establish other appropriate requirements such as conducting periodic external quality assessments.

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