Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p11
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 30112–33278

1, paragraph A54A83.

42.               Existing paragraph A23 is amended to read as follows:

ASQCM 1 requires firms' systems of quality management to establish a quality objective to address the appropriate maintenance andpolicies and procedures for the retention of engagement documentation to meet the needs of the firm and to comply with law, regulation, relevant ethical requirements, or AUASB Standards.16 The retention period for audit engagements ordinarily is no shorter than five years from the date of the auditor's report, or, if later, the date of the group auditor's report on the group financial reports, when applicable.17

43.               Existing footnotes 16 and 17 in paragraph A23 are amended to read as follows:

16 See ASQCM 1, paragraph 4731(f).

17 See ASQCM 1, paragraph A61A85.

44.               Existing paragraph A24 is amended to read as follows:

An example of a circumstance in which the auditor may find it necessary to modify existing audit documentation or add new audit documentation after file assembly has been completed is the need to clarify existing audit documentation arising from comments received during monitoring inspections performed by internalactivities or external partiesinspections.*

45.               Existing footnote * in paragraph A24 is deleted.

46.               Existing Appendix 1 of this Auditing Standard is amended to read as follows:

Specific Audit Documentation Requirements in Other Australian Auditing Standards

This appendix identifies paragraphs in other Australian Auditing Standards that contain specific documentation requirements. The list is not a substitute for considering the requirements and related application and other explanatory material in Australian Auditing Standards.

           * …

           * ASA 220 Quality ControlManagement for an Audit of a Financial Report and Other Historical Financial Information – paragraphs 24-2541

           * …

Amendments to ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report

47.               Existing paragraph A25 is amended to read as follows:

In certain circumstances, the auditor may consider withdrawing from the engagement, where permitted by law or regulation, for example when management or those charged with governance do not take the remedial action that the auditor considers appropriate in the circumstances or the identified or suspected non-compliance raises questions regarding the integrity of management or those charged with governance, even when the non-compliance is not material to the financial report. The auditor may consider it appropriate to obtain legal advice to determine whether withdrawal from the engagement is appropriate. When the auditor determines that withdrawing from the engagement would be appropriate, doing so would not be a substitute for complying with other responsibilities under law, regulation or relevant ethical requirements to respond to identified or suspected non-compliance. Furthermore, paragraph A9A55 of ASA 22014 indicates that some ethical requirements may require the predecessor auditor, upon request by the proposed successor auditor, to