Document ID: chunk:federal_register_of_legislation:F2023C01119:body:0:p4
Version: federal_register_of_legislation:F2023C01119
Segment Type: other
Provision Reference: 
Character Range: 10043–13040

exception of the removal of references to direct assistance, the paragraph is consistent with the ISA equivalent.
Aus A31.1  Paragraph Aus A31.1 replaces sub-paragraph A31(b) which has been deleted by the AUASB. The ISA paragraph contained a reference to direct assistance from internal auditors which is prohibited by AUASB Standards.
Aus A62.1  Paragraph Aus A62.1 replaces paragraph A62 which has been deleted by the AUASB. The ISA paragraph contained a reference to direct assistance from internal auditors which is prohibited by AUASB Standards.

This Auditing Standard incorporates terminology and definitions used in Australia. Minor wording and spelling changes, where the intent remains the same, have not been identified with the prefix "Aus". Where a significant terminology change has occurred, these are identified with the prefix "Aus".

Compliance with this Auditing Standard enables compliance with ISA 220.

Auditing Standard ASA 220

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 10 March 2021.

This compiled version of ASA 220 incorporates subsequent amendments contained in another Auditing Standard made by the AUASB up to and including 27 April 2022 (see Compilation Details).

Auditing Standard ASA 220

Quality Management for an Audit of a Financial Report and Other Historical Financial Information

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 15 December 2023.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Australian Standard on Auditing (ASA) deals with the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of a financial report and other historical financial information, and the related responsibilities of the engagement partner. This ASA is to be read in conjunction with relevant ethical requirements. (Ref: Para. A1, A38)

Aus 1.1 This ASA does not address the responsibilities for the auditor that may exist in legislation, regulation or otherwise in connection with, for example, the independence or other assurance related requirements of the Corporations Act 2001.

The Firm's System of