Document ID: chunk:federal_register_of_legislation:F2021L01300:body:0:p2
Version: federal_register_of_legislation:F2021L01300
Segment Type: other
Provision Reference: 
Character Range: 3561–6633

December 2015)

This Auditing Standard is being amended to achieve harmonisation with ISA (NZ) 560 Subsequent Events which was amended in February 2020. This Auditing Standard makes amendments to Australian Auditing Standard ASA 560 Subsequent Events made under Section 336 of the Corporations Act 2001 to clarify the timing of communications and possible actions the auditor may take when facts become known to the auditor after the financial report has been issued that, had it been known to the auditor at the date of the auditor's report, may have caused the auditor to amend the auditor's report.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-2 Amendments to Australian Auditing Standard ASA 560 Subsequent Events pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

Dated: 7 September 2021  W R Edge
 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 2021-2

Amendments to Australian Auditing Standard ASA 560 Subsequent Events

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 permitted.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standard ASA 560 Subsequent Events made under Section 336 of the Corporations Act 2001 to clarify the timing of communications and possible actions the auditor may take when facts become known to the auditor after the financial report has been issued that, had it been known to the auditor at the date of the auditor's report, may have caused the auditor to amend the auditor's report.

Objective

5.                   The objective of this Auditing Standard is to make amendments to Australian Auditing Standard ASA 560 Subsequent Events (Issued October 2009 and amended to December 2015).

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