Document ID: chunk:federal_register_of_legislation:F2022C01186:reg:14:p27
Version: federal_register_of_legislation:F2022C01186
Segment Type: reg
Provision Reference: reg 14 (pt 27/30)
Character Range: 88634–91639

to identify and assess the risks of material misstatement and to design and perform further audit procedures to respond to those assessed risks, respectively; these objectives and requirements apply throughout the audit.  An Auditing Standard dealing with specific aspects of the audit (for example, ASA 540) may expand on how the objectives and requirements of such Australian Auditing Standards as ASA 315 and ASA 330 are to be applied in relation to the subject of the Auditing Standard but does not repeat them.  Thus, in achieving the objective stated in ASA 540, the auditor has regard to the objectives and requirements of other relevant Australian Auditing Standards.

Use of Objectives to Determine Need for Additional Audit Procedures (Ref: Para. 21(a))

A77.         The requirements of the Australian Auditing Standards are designed to enable the auditor to achieve the objectives specified in the Australian Auditing Standards, and thereby the overall objectives of the auditor.  The proper application of the requirements of the Australian Auditing Standards by the auditor is therefore expected to provide a sufficient basis for the auditor's achievement of the objectives.  However, because the circumstances of audit engagements vary widely and all such circumstances cannot be anticipated in the Australian Auditing Standards, the auditor is responsible for determining the audit procedures necessary to fulfil the requirements of the Australian Auditing Standards and to achieve the objectives.  In the circumstances of an engagement, there may be particular matters that require the auditor to perform audit procedures in addition to those required by the Australian Auditing Standards to meet the objectives specified in the Australian Auditing Standards.

Use of Objectives to Evaluate Whether Sufficient Appropriate Audit Evidence Has Been Obtained (Ref: Para. 21(b))

A78.         The auditor is required to use the objectives to evaluate whether sufficient appropriate audit evidence has been obtained in the context of the overall objectives of the auditor.  If as a result the auditor concludes that the audit evidence is not sufficient and appropriate, then the auditor may follow one or more of the following approaches to meeting the requirement of paragraph 21(b):

           * Evaluate whether further relevant audit evidence has been, or will be, obtained as a result of complying with other Australian Auditing Standards;

           * Extend the work performed in applying one or more requirements; or

           * Perform other procedures judged by the auditor to be necessary in the circumstances.

    Where none of the above is expected to be practical or possible in the circumstances, the auditor will not be able to obtain sufficient appropriate audit evidence and is required by Australian Auditing Standards to determine the effect on the auditor's report or on the auditor's ability to complete the engagement.

Complying with Relevant Requirements

Relevant