Document ID: chunk:federal_register_of_legislation:F2023C01119:body:0:p2
Version: federal_register_of_legislation:F2023C01119
Segment Type: other
Provision Reference: 
Character Range: 2999–7545

Paragraphs

Application......................................................Aus 0.1-Aus 0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard...............................................1-Aus 1.1

The Firm's System of Quality Management and Role of Engagement Teams.................2-9

Effective Date..............................................................10

Objective.................................................................11

Definitions.............................................................12-Aus 12.4

Requirements

Leadership Responsibilities for Managing and Achieving Quality on Audits...............13-15

Relevant Ethical Requirements, Including Those Related to Independence................16-21

Acceptance and Continuance of Client Relationships and Audit Engagements..............22-24

Engagement Resources.....................................................25-28

Engagement Performance....................................................29-38

Monitoring and Remediation....................................................39

Taking Overall Responsibility for Managing and Achieving Quality.......................40

Documentation..............................................................41

Application and Other Explanatory Material

Scope of this ASA...........................................................A1

The Firm's System of Quality Management and Role of Engagement Teams.............A2-A14

Definitions............................................................A15-A27

Leadership Responsibilities for Managing and Achieving Quality on Audits.............A28-A37

Relevant Ethical Requirements, Including Those Related to Independence..............A38-A48

Acceptance and Continuance of Client Relationships and Audit Engagements...........A49-A58

Engagement Resources...................................................A59-A79

Engagement Performance................................................A80-A108

Monitoring and Remediation.............................................A109-A112

Taking Overall Responsibility for Managing and Achieving Quality................A113-A116

Documentation.......................................................A117-A120

COMPILATION DETAILS

Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 6 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 220 (March 2021) as amended by another Auditing Standard which is listed in the Table below.

Table of Standards
Standard        Date made        Operative Date
ASA 220 [A]     10 March 2021    financial reporting periods commencing on or after 15 December 2022
ASA 2022-1 [B]   27 April 2022   financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASA 220     F2021L00406          1 April 2021       2 April 2021

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments
Paragraph affected  How affected  By … [paragraph]
A22                 Addition      ASA 2022-1 [12]
A24                 Amended       ASA 2022-1 [13]
A25                 Amended       ASA 2022-1 [14]
A53                 Amended       ASA 2022-1 [15]
A54                 Amended       ASA 2022-1 [16]
A60                 Amended       ASA 2022-1 [17]
A76                 Deletion      ASA 2022-1 [18]
A92                 Amended       ASA 2022-1 [19]

AUTHORITY STATEMENT

 Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A120.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA