Document ID: chunk:federal_register_of_legislation:F2017C00907:front:0:p2
Version: federal_register_of_legislation:F2017C00907
Segment Type: other
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Character Range: 3207–8258

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ISSN 1833‑4393

CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application...............................................................Aus 0.1-Aus 0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Effective Date...............................................................2

Objective..................................................................3

Definitions.................................................................4

Requirements

Accumulation of Identified Misstatements...........................................5

Consideration of Identified Misstatements as the Audit Progresses........................6-7

Communication and Correction of Misstatements....................................8-9

Evaluating the Effect of Uncorrected Misstatements.................................10-13

Written Representation........................................................14

Documentation..............................................................15

Application and Other Explanatory Material

Definition of Misstatement.....................................................A1

Accumulation of Identified Misstatements..........................................A2

Misstatements in Individual Statements............................................A3

Misstatements in Disclosures...................................................A4

Accumulation of Misstatements..............................................A5-A6

Consideration of Identified Misstatements as the Audit Progresses.....................A7-A9

Communication and Correction of Misstatements................................A10-A13

Evaluating the Effect of Uncorrected Misstatements..............................A14-A28

Written Representation.......................................................A29

Documentation............................................................A30

COMPILATION DETAILS

Auditing Standard ASA 450 Evaluation of Misstatements Identified during the Audit (as Amended)

This compilation takes into account amendments made up to and including 30 May 2017 and was prepared on 30 May 2017 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 450 (October 2009) as amended by another Auditing Standard which is listed in the Table below.

Table of Standards
Standard        Date made        Operative Date
ASA 450 [A]     27 October 2009  financial reporting periods commencing on or after 1 January 2010
ASA 2015‑1 [B]  1 December 2015  financial reporting periods ending on or after 15 December 2016
ASA 2017‑2 [C]  30 May 2017      financial reporting periods commencing on or after 1 January 2018

    [A] Federal Register of Legislative Instruments – registration number F2009L04083, 11 November 2009

    [B] Federal Register of Legislative Instruments – registration number F2015L02032, 16 December 2015

    [C] Federal Register of Legislative Instruments – registration number F2017L01179TBD, TBD13 September 2017

Table of Amendments
Paragraph affected                         How affected  By … [paragraph]
Aus A1.1                                   Deleted       ASA 2015‑1 [143]
Footnote * attached to paragraph Aus A1.1  Deleted       ASA 2015‑1 [144]
Paragraph A21                              Amended       ASA 2015‑1 [145]
Footnote 16                                Amended       ASA 2015‑1 [146]
Paragraph 4                                Amended       ASA 2015-1 [120]
Paragraph A1                               Amended       ASA 2015-1 [121]
Footnotes 6 and 7                          Addition      ASA 2015-1 [122]
Paragraph A2                               Amended       ASA 2015-1 [123]
Heading above paragraph A3                 Addition      ASA 2015-1 [124]
A3                                         Addition      ASA 2015-1 [125-126]
Heading above paragraph A4                 Addition      ASA 2015-1 [127]
A4                                         Addition      ASA 2015-1 [128-129]
Heading above paragraph A5                 Addition      ASA 2015-1 [130]
A5                                         Addition      ASA 2015-1 [131-132]
A6                                         Amendment     ASA 2015-1 [133]
A10                                        Amendment     ASA 2015-1 [134]
A16                                        Amendment     ASA 2015-1 [135]
A17                                        Addition      ASA 2015-1 [136-137]
A18                                        Addition      ASA 2015-1 [138 and 140]
Footnote 13                                Addition      ASA 2015-1 [139]
A20                                        Amendment     ASA 2015-1 [141]
Footnote 15                                Addition      ASA 2015-1 [142]