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in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

7.                   Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable.  However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

8.                   Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.

Amendments to ASA 101

9.                   Existing footnote 12 in paragraph A3 is amended to read as follows:

For legislative purposes, ASRE 2410 and ASRE 2415 are included in legislation as "Auditing Standards":.

10.               Existing footnote 25 in paragraph A16 is amended to read as follows:

The term "professional judgement" is defined in the AUASB Glossary in the context of different types of AUASB Standards.  For assurance engagements, see Framework for Assurance Engagements, paragraphs 56-60.  For related services engagements, see ASREASRS 4400, paragraphs 13(j) and 18.

11.               Existing paragraph A31 is amended to read as follows:

The "Application" paragraph in each Auditing Standard that refers to audits or reviews conducted in accordance with the Corporations Act applies specifically to:

         (d)(a)  an audit or a review conducted under Part 2M.3 of the Act; and

(e)(b)  an audit conducted under Part 7.8 of the Act.

Amendments to ASA 200

12.               Existing paragraph A3 is amended to read as follows:

For the purposes of the Australian Auditing Standards ASAs, a risk of material misstatement exists when there is a reasonable possibility of:

(a)                …

13.               Existing footnote 19 in paragraph A44 is amended to read as follows:

See ASA 315 Identifying and Assessing the Risks of Material Misstatement.

14.               Existing footnote 21 in paragraph A46 is amended to read as follows:

See ASA 330, paragraph 6.

15.               Existing paragraph A64 is amended to read as follows:

Where necessary, the application and other explanatory material provides further explanation of the requirements of an Auditing Standard and guidance for carrying them out.  In particular, it may:

           * Explain more precisely what a requirement means or is intended to cover, including in some Auditing Standards ASAs such as ASA 315, why a procedure is required.

           * Include examples of procedures that may be appropriate in the circumstances. In some Auditing Standards ASAs, such as ASA 315, examples are presented in boxes.

…

16.               Existing paragraph A69