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Compiled Auditing Standard  ASA 502
                            (December 2021)

Auditing Standard ASA 502
Audit Evidence – Specific Considerations for Litigation and Claims

This compilation was prepared on 10 November 2021 taking into account amendments made by ASA 2011-1, ASA 2013‑3 and ASA 2021-5.

Compilation Number:  3

Compilation Date: 14 December 2021

Prepared by the Auditing and Assurance Standards Board

Obtaining a Copy of this Auditing Standard

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Contact Details
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AUSTRALIA                               Postal Address:
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COPYRIGHT

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ISSN 1833‑4393

CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

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

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

Introduction

Scope of this Auditing Standard..................................................1

Effective Date

Objective..................................................................2

Requirements

Completeness of Litigation and Claims.............................................3

Communication with the Entity's Legal Counsel.....................................4-5

Written Representations........................................................6

Related Procedures..........................................................Aus 6.1-Aus 6.2

Application and Other Explanatory Material

Completeness of Litigation and Claims....................................A1-Aus A4.1

Communication with the Entity's Legal Counsel.............................A5-Aus A8.11

Written Representations......................................................Aus A8.12-Aus A8.13

Related Procedures...................................................A9-Aus A9.3

[Aus] Appendix 1: Example of a Letter of Specific Enquiry to External Legal Counsel

COMPILATION DETAILS

Auditing Standard ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (as Amended)

This compilation takes into account amendments made up to and including 5 November 2021 and was prepared on 10 November 2021 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 502 (October 2009) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards
Standard        Date made        Operative Date
ASA 502 [A]     27 October 2009  Financial reporting periods commencing on or after 1 January 2010
ASA 2011‑1 [B]  27