Document ID: chunk:federal_register_of_legislation:F2017L01179:body:0:p3
Version: federal_register_of_legislation:F2017L01179
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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 following Auditing Standards:

(a)                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)

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

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

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

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

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

(g)                ASA 500 Audit Evidence (27 October 2009)

Definition

6.                   For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

Amendments to ASQC 1

7.                   Footnote * to paragraph Aus 12.13 is amended to read as follows:

    For example, the Institute of Chartered Accountants in Australia and New Zealand, CPA Australia and the Institute of Public Accountants.

8.                   Footnote * to paragraph A53 is amended to read as follows:

    For example, the professional accounting bodies in Australia comprises the Institute of Chartered Accountants in Australia and New Zealand, CPA Australia and the Institute of Public Accountants.

9.                   Paragraph A56 is amended to read as follows:

    Relevant ethical requirements establish an obligation for the firm's personnel to observe at all times the confidentiality of information contained in engagement documentation, unless specific client authority has been given to disclose information, or there are responsibilities under law, regulation or relevant ethical requirements is a legal or professional duty to do so.[1] Specific laws or regulations may impose additional obligations on the firm's personnel to maintain client confidentiality, particularly where data of a personal nature are concerned.

Amendments to ASA 210

10.               Footnote 11 to paragraph A11 is amended to read as follows:

    See ASA 200, paragraph A4A2

11.               Footnote 14 to paragraph A16 is amended to read as follows:

    See ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, paragraph A54A46.

12.               Footnote 15 to paragraph A18 is amended to read as follows:

    See ASA 315, paragraph A59A51 and Appendix 1.

    Appendix 1 is amended to read as follows:

    … (Ref: Para. A23‑A26A24)

    …

13.               Paragraph A26 is amended to read as follows: