Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p12
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
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Character Range: 32976–36215

other responsibilities under law, regulation or relevant ethical requirements to respond to identified or suspected non-compliance. Furthermore, paragraph A9A55 of ASA 22014 indicates that some ethical requirements may require the predecessor auditor, upon request by the proposed successor auditor, to provide information regarding non-compliance with laws and regulations to the successor auditor.

48.               Existing footnote 14 in paragraph A25 is amended to read as follows:

See ASA 220, Quality ControlManagement for an Audit of a Financial Report and Other Historical Financial Information.

Amendments to ASA 260 Communication With Those Charged with Governance

49.               Existing paragraph A28 is amended to read as follows:

To the extent not already addressed by the requirements in paragraphs 16(a)–(d) and related application material, the auditor may consider communicating about other matters discussed with, or considered by, the engagement quality control reviewer, if one has been appointed., in accordance with ASA 220.23

50.               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.

51.               Existing paragraph A29 is amended to read as follows:

The auditor is required to comply with relevant ethical requirements, including those pertainingrelated to independence, relating to financial report audit engagements.24

52.               Existing Appendix 1 of this Auditing Standard is amended to read as follows:

Specific Requirements in ASQCM 1 and Other Australian Auditing Standards that Refer to Communications with Those Charged With Governance

This appendix identifies paragraphs in ASQCM 128 and other Australian Auditing Standards that require communication of specific matters with those charged with governance. The list is not a substitute for considering the requirements and related application and other explanatory material in Australian Auditing Standards.

           * ASQCM 1 Quality ControlManagement for Firms that Perform Audits andor Reviews of Financial Reports and Other Financial Information, andor Other Assurance andor Related Services Engagements - paragraph 30(a)34(e)

           * …

53.               Existing footnote 28 in Appendix 1 is amended to read as follows:

See ASQCM 1 Quality ControlManagement for Firms that Perform Audits andor Reviews of Financial Reports and other Financial Information, andor Other Assurance andor Related Services Engagements.

Amendments to ASA 300 Planning an Audit of a Financial Report

54.               Existing paragraph 2 and its heading are amended to read as follows:

The Role and Timing of Planning

Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. AdequateQuality management at the engagement level in accordance with ASA 220, in conjunction with adequate planning in accordance with this ASA, benefits the audit of a financial report in several ways, including the following: (Ref: Para. A1A0-A3)

           * …

55.               Existing paragraph 6 is amended to read as follows:

The auditor shall undertake the