Document ID: chunk:federal_register_of_legislation:F2023C01136:reg:9:p23
Version: federal_register_of_legislation:F2023C01136
Segment Type: reg
Provision Reference: reg 9 (pt 23/24)
Character Range: 66825–69831

cause the auditor to re-evaluate the auditor's determination that there are no key audit matters.

Documentation (Ref: Para. 18)

A64.         Paragraph 8 of ASA 230 requires the auditor to prepare audit documentation that is sufficient to enable an experienced auditor, having no previous connection with the audit, to understand, among other things, significant professional judgements.  In the context of key audit matters, these professional judgements include the determination, from the matters communicated with those charged with governance, of the matters that required significant auditor attention, as well as whether or not each of those matters is a key audit matter.  The auditor's judgements in this regard are likely to be supported by the documentation of the auditor's communications with those charged with governance and the audit documentation relating to each individual matter (see paragraph A39), as well as certain other audit documentation of the significant matters arising during the audit (e.g., a completion memorandum).  However, this Auditing Standard does not require the auditor to document why other matters communicated with those charged with governance were not matters that required significant auditor attention.

[*]  Early adoption, in conjunction with ASA 540 Auditing Accounting Estimates and Related Disclosures, permitted.
[#]  Early adoption, in conjunction with ASA 315 Identifying and Assessing the Risks of Material Misstatement, permitted.
[1]  See ASA 705 Modifications to the Opinion in the Independent Auditor's Report.
[2]  See ASA 570 Going Concern, paragraphs 22–23.
[3]  See ASA 700 Forming an Opinion and Reporting on a Financial Report, paragraphs 30–31.
[4]  See ASA 705, paragraph 29.
[5]  See ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment.
[6]  See ASA 230 Audit Documentation, paragraphs 8–11 and A6.
[7]  See ASA 260 Communication with Those Charged with Governance.
[8]  See ASA 320 Materiality in Planning and Performing the Audit, paragraph 4.
[9]  See ASA 700, paragraphs 10–15 and A1–A10.
[10]  See ASA 705, paragraph A7.
[11]  See ASA 705, paragraph 8.
[12]  See ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report.
[13]  See ASA 706, paragraphs 8(b) and 10(b).
[14]  See ASA 706, paragraphs A1–A3.
[15]  See ASA 710 Comparative Information—Corresponding Figures and Comparative Financial Reports.
[16]  See ASA 330 The Auditor's Responses to Assessed Risks, paragraph 7(b).
[17]  See ASA 330, paragraph A19.
[18]  See ASA 260, paragraphs 16(b) and A21.
[19]  See ASA 550 Related Parties, paragraph A42.
[20]  See ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors), paragraph 57(c).
[21]  See ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information, paragraph 35.
[22]  See ASA 220, paragraph 36.
[23]