Document ID: chunk:federal_register_of_legislation:F2022L00712:body:0:p3
Version: federal_register_of_legislation:F2022L00712
Segment Type: other
Provision Reference: 
Character Range: 7161–10403

by the Financial Reporting Council (FRC), the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the International Standards on Auditing (ISAs) and to make appropriate consequential amendments to the Australian Auditing Standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2022-1 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: 27 April 2022  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 2022-1

Amendments to Australian Auditing Standards

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 2023.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standards. The amendments arise from consequential and conforming changes arising from the issuance of ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors).

Objective

5.                   The objective of this Auditing Standard is to make amendments to the following Auditing Standards:

(a)                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 (Issued March 2021)

(b)                ASQM 2 Engagement Quality Reviews (Issued March 2021)

(c)                ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (Issued March 2021)

(d)                ASA 230 Audit Documentation (Issued October 2009 and amended to March 2021)

(e)                ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued October 2009 and amended to November 2021)

(f)                 ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Issued May 2017 and amended to March 2021)

(g)                ASA 260 Communication With Those Charged With Governance (Issued December 2015 and amended to March 2021)

(h)                ASA 300 Planning an Audit of a Financial Report (Issued October 2009 and