Document ID: chunk:federal_register_of_legislation:F2025L00105:body:0:p3
Version: federal_register_of_legislation:F2025L00105
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Character Range: 6441–9714

2022).

Definitions

 1.                    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

 1.                    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.

 2.                    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 700

 1.                    Existing subparagraph Aus 28.1(c) is amended to read as follows:

Includes a statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit, and has fulfilled the auditor's other ethical responsibilities in accordance with these requirements.

         (i)  The statement shall identify the relevant ethical requirements applicable within Australia; and (Ref: Para. Aus A34.1–A389)

         (ii)   If the relevant ethical requirements require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities, the statement shall indicate that the auditor is independent of the entity in accordance with the independence requirements applicable to the audits of those entities; and (Ref: Para. A36)

 1.                Existing subparagraph Aus 50.1(e) is amended to read as follows:

A statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit, and has fulfilled the auditor's other ethical responsibilities requirements in accordance with these requirements.

         (i)  The statement shall identify the relevant ethical requirements applicable within Australia.

         (ii)    If the relevant ethical requirements require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities, the statement shall indicate that the auditor is independent of the entity in accordance with the independence requirements applicable to the audits of those entities.

 1.                Each of the existing paragraphs A36 to A84 are renumbered as paragraphs A37 to A85 respectively.  All cross-references to those paragraphs are updated accordingly.

 2.                The following paragraph A36 is inserted following existing paragraph A35:

Relevant ethical requirements may:

(a)    [Deleted by the AUASB. Refer to Aus A36.1(a).]

             Aus A36.1(a)  Establish independence requirements that are specific to audits of financial reports of certain entities specified in the relevant