Document ID: chunk:federal_register_of_legislation:F2021L01525:body:0:p3
Version: federal_register_of_legislation:F2021L01525
Segment Type: other
Provision Reference: 
Character Range: 6917–10044

review of a financial report for a financial year, or an audit or a review of a financial report for a half-year, in accordance with the Corporations Act 2001; and

           * an audit or a review 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 or a review of other historical financial information.

Operative Date

3.                   This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2021.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.

Objective

5.                   The objective of this Auditing Standard is to make amendments to the following Auditing Standards:

(a)                ASA 101 Preamble to AUASB Standards (Issued 7 September 2021)

(b)                ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 7 September 2021)

(c)                ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)

(d)                ASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)

(e)                ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)

(f)                 ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)

(g)                ASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)

(h)                ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)

(i)                 ASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)

(j)                 ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)

(k)                ASA 620 Using the Work of an Auditor's Expert (Issued 27 October 2009 and amended to 30 June 2020)

(l)                 ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)

(m)             ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)

Definition

6.                   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

7.                   Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a