Document ID: chunk:federal_register_of_legislation:F2021L01294:body:0:p2
Version: federal_register_of_legislation:F2021L01294
Segment Type: other
Provision Reference: 
Character Range: 3622–6831

the Conduct of an Audit in Accordance with Australian Auditing Standards (issued October 2009 and amended to June 2020)

ASA 700 Forming an Opinion and Reporting on a Financial Report (issued December 2015 and amended to June 2020)

These amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards in September 2021.  Under its mandate, the AUASB is required to maintain the quality and relevance of the Auditing Standards. Accordingly, amendments to existing Auditing Standards are made whenever necessary to correct editorial issues or to resolve conflicts between standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-3 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

Dated: 7 September 2021 W R Edge
 Chair - AUASB

Conformity with International Standards on Auditing

This Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Auditing Standard ASA 2021-3

Amendments to Australian Auditing Standards

Application

      1. This Auditing Standard applies to:

           * 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

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

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 financial reporting periods commencing on or after 1 October 2021.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standards.  The amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards (September 2021).

Objective

5.                   The objective of this Auditing Standard is to make amendments to the following Auditing Standards:

(a)                ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to June 2020)

(b)                ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to June 2020)

Definition

6.                   For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

7.                   This Standard uses underlining, striking out and other typographical material to identify some