Document ID: chunk:federal_register_of_legislation:F2022C01186:reg:14:p26
Version: federal_register_of_legislation:F2022C01186
Segment Type: reg
Provision Reference: reg 14 (pt 26/30)
Character Range: 85898–88909

entities do not necessarily display all of these characteristics.

A72.         The Australian Auditing Standards refer to the proprietor of a smaller entity who is involved in running the entity on a day‑to‑day basis as the "owner‑manager."

Aus A72.1 When the auditor conducts the audit in accordance with Australian Auditing Standards and International Standards on Auditing ("ISAs"), in accordance with ASA 700 the auditor's report is required to refer to the audit having been conducted in accordance with the Australian Auditing Standards and the ISAs only when the auditor has complied fully with all of the Australian Auditing Standards and ISAs relevant to the audit.  (Ref: Para 20)

Considerations Specific to Automated Tools and Techniques

A73.         The considerations specific to "automated tools and techniques" included in some Auditing Standards (for example, ASA 315) have been developed to explain how the auditor may apply certain requirements when using automated tools and techniques in performing audit procedures.

Objectives Stated in Individual Auditing Standards (Ref: Para. 21)

A74.         Each Auditing Standard contains one or more objectives which provide a link between the requirements and the overall objectives of the auditor.  The objectives in individual Auditing Standards serve to focus the auditor on the desired outcome of the Auditing Standard, while being specific enough to assist the auditor in:

           * Understanding what needs to be accomplished and, where necessary, the appropriate means of doing so; and

           * Deciding whether more needs to be done to achieve them in the particular circumstances of the audit.

A75.         Objectives are to be understood in the context of the overall objectives of the auditor stated in paragraph 11 of this Auditing Standard.  As with the overall objectives of the auditor, the ability to achieve an individual objective is equally subject to the inherent limitations of an audit.

A76.         In using the objectives, the auditor is required to have regard to the interrelationships among the Australian Auditing Standards.  This is because, as indicated in paragraph A55, the Australian Auditing Standards deal in some cases with general responsibilities and in others, with the application of those responsibilities to specific topics.  For example, this Auditing Standard requires the auditor to adopt an attitude of professional scepticism; this is necessary in all aspects of planning and performing an audit but is not repeated as a requirement of each Auditing Standard.  At a more detailed level, ASA 315 and ASA 330 contain, among other things, objectives and requirements that deal with the auditor's responsibilities to identify and assess the risks of material misstatement and to design and perform further audit procedures to respond to those assessed risks, respectively; these objectives and requirements apply throughout the audit.  An Auditing Standard dealing with specific aspects of