Document ID: chunk:federal_register_of_legislation:F2011C00604:reg:3:p1
Version: federal_register_of_legislation:F2011C00604
Segment Type: reg
Provision Reference: reg 3 (pt 1/3)
Character Range: 3421–6584

3                     Amended       ASA 2011-1 [15]

AUTHORITY STATEMENT

 Auditing Standard ASA 101 Preamble to Australian Auditing Standards (as amended at 27 June 2011) is set out in paragraphs
 1 to A2.

 This Auditing Standard is to be read in conjunction with the Australian Auditing Standards, operative on and after 1 January 2010.

Dated: 27 June 2011 M H Kelsall
 Chairman - AUASB

Auditing Standard ASA 101

Preamble to Australian Auditing Standards

Application

      1. This Auditing Standard applies to:

(a)                 an audit of a financial report for a financial year, or an audit or a review of a financial report for a half-year, in accordance with the Corporations Act 2001;

(b)                an audit of a financial report, or a complete set of financial statements, for any other purpose;

(c)                 a review, by the independent auditor of the entity, of a financial report, or a complete set of financial statements, comprising historical financial information, for any other purpose; and

(d)                a firm[1] required to comply with ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements.

2.                   This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

3.                   This Auditing Standard is operative for engagements with financial reporting periods commencing on or after 1 January 2010, and for firms required to establish systems of quality control in compliance with ASQC 1 by 1 January 2010. [Note: For operative dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

4.                   This Auditing Standard supersedes interpretive information contained in ASA 100 Preamble to AUASB Standards to the extent that ASA 100 applies to the Australian Auditing Standards.

Introduction

Scope of this Auditing Standard

5.                   The purpose of this Auditing Standard is to set out mandatory components additional to those included elsewhere in the Australian Auditing Standards that are operative for:

           * financial reporting periods commencing on or after 1 January 2010; and

           * firms required to establish systems of quality control by 1 January 2010.

6.                   ASA 100 Preamble to AUASB Standards applies to all AUASB Standards other than the Australian Auditing Standards referred to in paragraph 5 of this Auditing Standard.

Objective

7.                   The objective of the auditor and the firm is to use this Auditing Standard in order to understand, interpret and apply the Australian Auditing Standards that are operative for engagements with financial reporting periods commencing on or after 1 January 2010; and for firms required to establish systems of quality control by 1 January 2010.

Definitions

8.                   For purposes of the Australian Auditing Standards, the following terms have the meanings attributed below:

         (a)                Auditing Standards means auditing standards made