Document ID: chunk:federal_register_of_legislation:F2021C01242:reg:5:p2
Version: federal_register_of_legislation:F2021C01242
Segment Type: reg
Provision Reference: reg 5 (pt 2/12)
Character Range: 10250–13292

Auditing Standard enables compliance with ISA 560.

Auditing Standard ASA 560

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 560 Subsequent Events pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 560 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 5 November 2021 (see Compilation Details).

Auditing Standard ASA 560

Subsequent Events

Application

Aus 0.1 This Auditing Standard applies to:

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

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

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with the auditor's responsibilities relating to subsequent events in an audit of a financial report.  It does not deal with matters relating to the auditor's responsibilities for other information obtained after the date of the auditor's report, which are addressed in ASA 720.[1]  However, such other information may bring to light a subsequent event that is within the scope of this Auditing Standard.  (Ref: Para. A1)

Subsequent Events

2.                   A financial report may be affected by certain events that occur after the date of the financial report.  Many financial reporting frameworks specifically refer to such events.[2]  Such financial reporting frameworks ordinarily identify two types of events:

(a)                Those that provide evidence of conditions that existed at the date of the financial report; and
(b)                Those that provide evidence of conditions that arose after the date of the financial report.

    ASA 700 explains that the date of the auditor's report informs the reader that the auditor has considered the effect of events and transactions of which the auditor becomes aware and that occurred up to that date.[3]

Effective Date

3.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objectives

4.                   The objectives of the auditor are:

(a)                To obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial report and the date of the auditor's report that require adjustment of, or disclosure in, the financial report are appropriately reflected in that financial report in accordance with the applicable financial reporting framework; and

(b)                To