Document ID: chunk:federal_register_of_legislation:F2025L00105:body:0:p2
Version: federal_register_of_legislation:F2025L00105
Segment Type: other
Provision Reference: 
Character Range: 3441–6739

December 2015 and amended to March 2021)

 ASA 2025-1 amends:

    * ASA 700 in connection with disclosure concerning the application of auditor independence requirements in the Code in audit reports of public interest entities and certain other entities;  and

    * ASA 260 to require the auditor to communicate to those charged with governance of an audited entity on the application of the auditor independence requirements.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2025-1 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: 28 January 2025 D Niven
 Chair - AUASB

Conformity with International Standards on Auditing

This Auditing Standard makes amendments to other auditing standards that are consistent with changes made by the International Auditing and Assurance Standards Board to the equivalent International Standard on Auditing.

Auditing Standard ASA 2025-1

Amendments to Australian Auditing Standards

Application

 1.                    This Auditing Standard applies to:

         1.                 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

         2.                 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

 1.                    This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2024.

Introduction

Scope of this Auditing Standard

 1.                    This Auditing Standard amends Australian Auditing Standards ASA 700 Forming an Opinion and Reporting on Financial Statements and ASA 260 Communication with Those Charged with Governance in relation to disclosing publicly the application of the independence requirements for certain entities, including Public Interest Entities (PIEs) and communicating on those matters to those charged with governance.

Objective

 1.                    The objective of this Auditing Standard is to amend the following Auditing Standards in connection with disclosure concerning auditor independence in audit reports following changes made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) and communication to those charged with governance:

         1.                 ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 31 March 2023); and

         2.                 ASA 260 Communication With Those Charged With Governance (Issued 1 December 2015 and amended to 27 April 2022).

Definitions

 1.                    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

 1.                    Where