Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p10
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 27395–30405

requirements that apply generally throughout the audit, there may be a number of ways in which compliance with them may be demonstrated within the audit file:

                   + …

                   + Similarly, that the engagement partner has taken responsibility for the direction, and supervision and performance of the audit in compliance withengagement team and the Australian Auditing Standardsreview of their work[5]  may be evidenced in a number of ways within the audit documentation. This may include documentation ofthat evidences the engagement partner's timelysufficient and appropriate involvement in aspects of the audit, such as participation in theengagement team discussions required by ASA 315.5

36.               Existing paragraph A13 is amended to read as follows:

ASA 220 contains requirements and guidance on therequires the auditor to review the audit work performed through review of the audit documentation.8 The requirement to document who reviewed the audit work performed does not imply a need for each specific working paper to include evidence of review. The requirement, however, means documenting what audit work was reviewed, who reviewed such work, and when it was reviewed.

37.               Existing footnote 8 in paragraph A13 is amended to read as follows:

See ASA 220, paragraphs 1729-34.

38.               Existing paragraph A20 is amended to read as follows:

Examples of exceptional circumstances include facts which become known to the auditor after the date of the auditor's report but which existed at that date and which, if known at that date, might have caused the financial report to be amended or the auditor to modify the opinion in the auditor's report.12 The resulting changes to the audit documentation are reviewed in accordance with the review responsibilities set out in ASA 220,13 with the engagement partner taking final responsibility for the changes.

39.               Existing footnote 13 in paragraph A20 is amended to read as follows:

See ASA 220, paragraphs 1629-34.

40.               Existing paragraph A21 is amended to read as follows:

ASQCM 1 requires firms' systems of quality management to establish a quality objective that addresses the assembly of engagement documentation on a timely basis after the date of the engagement reportspolicies and procedures for the timely completion of the assembly of audit files.14 An appropriate time limit within which to complete the assembly of the final audit file is ordinarily not more than 60 days after the date of the auditor's report.15

41.               Existing footnotes 14 and 15 in paragraph A21 are amended to read as follows:

14 See ASQCM 1, paragraph 4531(f).

15 See ASQCM 1, paragraph A54A83.

42.               Existing paragraph A23 is amended to read as follows:

ASQCM 1 requires firms' systems of quality management to establish a quality objective to address the appropriate maintenance andpolicies and procedures for the retention of engagement documentation