Document ID: chunk:federal_register_of_legislation:F2017L01179:body:0:p8
Version: federal_register_of_legislation:F2017L01179
Segment Type: other
Provision Reference: 
Character Range: 21320–24350

so is prohibited by law or regulation or would breach the duty of confidentiality). The auditor may also consider it appropriate to obtaining legal advice to understand the auditor's options and the professional or legal implications of taking any particular determine the appropriate course of action in the circumstances, the purpose of which is to ascertain the steps necessary in considering the public interest aspects of identified fraud.

35.               As a result of the changes made above, paragraph references are re-numbered and references to these paragraphs are updated accordingly.

Amendments to ASA 260

36.               Existing paragraph 7 is amended to read as follows:

    In some jurisdictions, Llaw or regulation may restrict the auditor's communication of certain matters with those charged with governance.  For example, lLaws or regulations may specifically prohibit a communication, or other action, that might prejudice an investigation by an appropriate authority into an actual, or suspected, illegal act, including alerting the entity, for example, when the auditor is required to report identified or suspected non‑compliance with laws and regulations to an appropriate authority pursuant to anti‑money laundering legislation.  In some these circumstances, the issues considered by the auditor potential conflicts between the auditor's obligations of confidentiality and obligations to communicate may be complex.  In such cases, and the auditor may consider it appropriate to obtaining legal advice.

37.               Footnote 3 to paragraph A1 is amended to read as follows:

    As described in paragraph A6863 of ASA 700 Forming an Opinion and Reporting on a Financial Report, having responsibility for approving in this context means having the authority to conclude that all the statements that comprise the financial report, including the related notes, have been prepared.

38.               Footnote 20 to paragraph A25 is amended to read as follows:

    See ASA 700, paragraphs Aus 46.145 and A58.

39.               Footnote 21 to paragraph A25 is amended to read as follows:

    See ASA 700, paragraph  4140.

40.               Footnote 22 to paragraph A26 is amended to read as follows:

    See ASA 300, Planning an Audit of a Financial Report, paragraph A1513.

41.               Footnote 23 to paragraph A28 is amended to read as follows:

    See paragraphs 19–22 and A2423–A3332 of ASA 220, Quality Control for an Audit of a Financial Report.

42.               Footnote 27 to paragraph A52 is amended to read as follows:

    See ASA 315, paragraph A7877

43.               Appendix 1 is amended to read as follows:

    …

         * ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report ‑ paragraphs 15, 2019 and 2322–2524

    …

         * ASA 700 Forming an Opinion and Reporting on a Financial Report – paragraph 46

    …

Amendments to ASA 450

44.               Existing paragraph 8 is amended to read as follows:

    The auditor shall