Document ID: chunk:federal_register_of_legislation:F2022C01186:reg:14:p29
Version: federal_register_of_legislation:F2022C01186
Segment Type: reg
Provision Reference: reg 14 (pt 29/30)
Character Range: 94265–97252

of the results of audit procedures performed in complying with the requirements of the Australian Auditing Standards, and the auditor's evaluation of whether sufficient appropriate audit evidence has been obtained and whether more needs to be done in the particular circumstances of the audit to achieve the objectives stated in the Australian Auditing Standards.  Accordingly, circumstances that may give rise to a failure to achieve an objective include those that:

           * Prevent the auditor from complying with the relevant requirements of an Auditing Standard.

           * Result in its not being practicable or possible for the auditor to carry out the additional audit procedures or obtain further audit evidence as determined necessary from the use of the objectives in accordance with paragraph 21, for example due to a limitation in the available audit evidence.

A83.         Audit documentation that meets the requirements of ASA 230 and the specific documentation requirements of other relevant Australian Auditing Standards provides evidence of the auditor's basis for a conclusion about the achievement of the overall objectives of the auditor.  While it is unnecessary for the auditor to document separately (as in a checklist, for example) that individual objectives have been achieved, the documentation of a failure to achieve an objective assists the auditor's evaluation of whether such a failure has prevented the auditor from achieving the overall objectives of the auditor.
[*]  Early adoption, in conjunction with ASA 540 Auditing Accounting Estimates and Related Disclosures, permitted.
[#]  Early adoption, in conjunction with ASA 315 Identifying and Assessing the Risks of Material Misstatement, permitted.
[1]  See ASA 320 Materiality in Planning and Performing an Audit, and ASA 450 Evaluation of Misstatements Identified during the Audit.
[2]  See, for example, ASA 260 Communication with Those Charged with Governance; and paragraph 43 of ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report.
[3]  [Footnote deleted by the AUASB.]
[*]  See AASB 101, Presentation of Financial Statements, paragraph 10.
[*]  See sections 295 and 303 of the Corporations Act 2001.
[*]  See ASA 230 Audit Documentation, paragraph Aus 12.1.
[4]  See ASA 230 Audit Documentation, paragraph 8(c).
[*]  See Definitions, paragraph Aus 13.2 of this Auditing Standard.
[#]  See Definitions, paragraph Aus 13.1 of this Auditing Standard.
[†]  See sections 295 and 303 of the Corporations Act 2001.
[§]  See AASB 101.
[5]  See ASA 210 Agreeing the Terms of Audit Engagements, paragraph 6(a).
[6]  See ASA 800 Special Considerations—Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks, paragraph 8.
[7]  See ASA 210, paragraph 6(b).
[8]  See paragraph A59 of this Auditing Standard.
[*]  See ASA 102 Compliance with Ethical Requirements when Performing Audits or Reviews and Other Assurance Engagements.
[9]