Document ID: chunk:federal_register_of_legislation:F2024L01719:body:0:p3
Version: federal_register_of_legislation:F2024L01719
Segment Type: other
Provision Reference: 
Character Range: 6207–9584

Act 2001 and section 336 of the Corporations Act 2001.

 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.

Dated: 16 December 2024  D Niven
 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).

However, the requirement and application and other explanatory material in this Auditing Standard have been drawn from ISQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, ISQM 2 Engagement Quality Reviews, ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing and ISA 220 Quality Management for an Audit of Financial Statements, issued by the IAASB, as listed in the following table:

ASA 102                    International Standards
Paragraph 6 (requirement)  ISA 200 paragraph 14
                           ISQM 1 paragraph 29
                           ISQM 2 paragraphs 2, 18-20
Paragraph A1               ISA 200 paragraph A17
Paragraph A2               ISA 200 paragraph A18

Paragraph A3               ISA 200 paragraph A18
Paragraph A4               ISA 200 paragraph A18
Paragraph A5               ISA 200 paragraph A19
Paragraph A6               ISQM 1 paragraph A18
                           ISA 220 paragraph A26-A27

Compliance with this Auditing Standard, together with other Australian Auditing Standards, enables compliance with the ISAs and ISQMs.

Auditing Standard ASA 102

Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements

Application

 1.                    This Auditing Standard applies to:

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

         2.                 an audit or review of a financial report, or a complete set of financial statements, for any other purpose;

         3.                 an audit or review of other financial information;

         4.                 other assurance engagements excluding sustainability assurance engagements; and

         5.                 a firm required to comply with ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements.

Operative Date

 1.                    This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2025.

Introduction

Scope of this Auditing Standard

 1.                    This Auditing Standard includes a requirement for auditors, assurance practitioners, engagement