Document ID: chunk:federal_register_of_legislation:F2021C01273:reg:3:p1
Version: federal_register_of_legislation:F2021C01273
Segment Type: reg
Provision Reference: reg 3 (pt 1/10)
Character Range: 6099–9172

3                   Amended       ASA 2018-1 [52]
Footnote 11
A9                  Amended       ASA 2020-1 [130]
Footnote 14
A17                 Amended       ASA 2020-1 [131]
Footnote 18
A19                 Amended       ASA 2020-1 [132]
Footnote 20

AUTHORITY STATEMENT

 Auditing Standard ASA 505 External Confirmations (as amended to 3 March 2020) is set out in paragraphs Aus 0.1 to A25.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 505 External Confirmations, issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix "Aus".

Compliance with this Auditing Standard enables compliance with ISA 505.

Auditing Standard ASA 505

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 505 External Confirmations pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 505 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 3 March 2020 (see Compilation Details).

Auditing Standard ASA 505

External Confirmations

Application

Aus 0.1 This Auditing Standard applies to:

(a) 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

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with the auditor's use of external confirmation procedures to obtain audit evidence in accordance with the requirements of ASA 330[1] and ASA 500[2].  It does not address enquiries regarding litigation and claims, which are dealt with in ASA 502.[3]

External Confirmation Procedures to Obtain Audit Evidence

2.                   ASA 500 indicates that the reliability of audit evidence is influenced by its source and by its nature, and is