Document ID: chunk:federal_register_of_legislation:F2020L00252:body:0:p3
Version: federal_register_of_legislation:F2020L00252
Segment Type: other
Provision Reference: 
Character Range: 7596–10790

Using the Work of an Auditor's Expert  (Issued October 2009)

ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to December 2018)

ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report (Issued December 2015 and amended to December 2018)

ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015)

ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to May 2017)

The amendments arise from changes made by the International Auditing and Assurance Standards Board (IAASB) to ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement.  Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the International Standards on Auditing (ISAs) and to make appropriate consequential amendments to the Australian Auditing Standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2020-1 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: 3 March 2020 R Simnett AO
 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 2020-1

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 15 December 2021, with early adoption, in conjunction with ASA 315 Identifying and Assessing the Risks of Material Misstatement permitted.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standards. The amendments arise from consequential and conforming changes arising from the issuance of ASA 315 Identifying and Assessing the Risks of Material Misstatement.

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