Document ID: chunk:federal_register_of_legislation:F2022L00712:body:0:p14
Version: federal_register_of_legislation:F2022L00712
Segment Type: other
Provision Reference: 
Character Range: 38578–41666

entity include when:

           * …

           * The accounting records of a significant component for which further audit procedures are determined to be necessary for the purposes of the group audit have been seized indefinitely by governmental authorities.

Amendments to ASA 720

43.               Existing paragraph A35 is amended to read as follows:

The auditor may determine that referring to relevant audit documentation or making enquiries of relevant members of the engagement team, including or relevant component auditors, is appropriate as a basis for the auditor's consideration of whether a material inconsistency exists.  For example:

           * …

44.               Existing paragraph A36 is amended to read as follows:

Whether, and if so the extent to which, the auditor refers to relevant audit documentation, or makes enquiries of relevant members of the engagement team, including or relevant component auditors, is a matter of professional judgement.  However, it may not be necessary for the auditor to refer to relevant audit documentation, or to make enquiries of relevant members of the engagement team, including or relevant component auditors, about any matter included in the other information.

Commencement of the legislative instrument

For legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table.  Any other statement in column 2 has effect according to its terms.
Commencement information
Column 1                      Column 2             Column 3
Provisions                    Commencement         Date/Details
The whole of this instrument  14 December 2023.    14 December 2023.

    Note:  This table relates only to the provisions of this instrument as originally made.  It will not be amended to deal with any later amendments of this instrument.

[5]  See ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors), paragraph 5749.
[6]    See ASA 600, paragraph 45(i).
[17]  See ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors), paragraphs 35–3621-23 and 40(c).
[57]  See ASA 600, paragraphs 30 and 3142.
[10]  See ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors), paragraphs 2 and 19.
[4]    See ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors).
[19]  See ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors), paragraph 32(b)40(e).
[20]   See ASA 600 (as amended).
[18]   See ASA 600, paragraph 53.
[28]  See ASA 600, paragraphs A56–A57, A66–A68A37.
[29]  See ASA 600, paragraphs 25, 2719–20.
[20]  See ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors), paragraph 57(c)49(d).