Document ID: chunk:federal_register_of_legislation:F2017L01179:body:0:p2
Version: federal_register_of_legislation:F2017L01179
Segment Type: other
Provision Reference: 
Character Range: 3826–6960

the following Auditing Standards:

ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other Assurance Engagements and Related Services Engagements (27 October 2009)

ASA 210 Agreeing the Terms of Audit Engagements (27 October 2009)

ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Information (27 October 2009)

ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (27 October 2009)

ASA 260 Communication with Those Charged with Governance (1 December 2015)

ASA 450 Evaluation of Misstatements Identified During the Audit (27 October 2009)

ASA 500 Audit Evidence (27 October 2009)

The amendments arise from changes made by the International Auditing and Assurance Standards Board (IAASB) to ISA 250.  Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), 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 and to make appropriate consequential amendments to the Australian Auditing Standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2017-2 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: 30 May 2017 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 amendments to various Australian Auditing Standards (as shown) arising from the revision of the existing ASA 250. These amendments, in the main, reflect similar amendments made to the equivalent International Standards on Auditing (ISAs).

Compliance with the amended Australian Auditing Standards enables compliance with the amended
ISAs.

Auditing Standard ASA 2017-2

Amendments to Australian Auditing Standards

Application

      1. This Auditing Standard applies to:

           * 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

           * 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.

Operative Date

3.                   This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2018 with early adoption permitted.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to the Australian Auditing Standards. The amendments arise from consequential changes arising from ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report.

Objective

5.                   The objective of this Auditing Standard is to make amendments to the