Document ID: chunk:federal_register_of_legislation:F2021L01294:body:0:p3
Version: federal_register_of_legislation:F2021L01294
Segment Type: other
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Character Range: 6547–9628

of terms are set out in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

7.                   This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

Amendments to ASA 200

8.                   Existing paragraph A56 is amended to read as follows:

The scope, effective date and any specific limitation of the applicability of a specific Auditing Standard is made clear in the Auditing Standard. Unless otherwise stated in the Auditing Standard, the auditor is not permitted to apply an Auditing Standard before the effective date specified therein.

Amendments to ASA 700

9.                   The existing third paragraph of "Conformity with International Standards on Auditing" is amended to read as follows:

The following requirements are additional to ISA 700:

           * Paragraph Aus 28.1(c) requires the auditor to identify the relevant ethical requirements applicable within Australia when providing the basis for opinion.

           * Aus 42.1 requires that when the auditor elects to early adopt an Auditing Standard made under 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor's report.

           * …

10.               The existing fourth paragraph of "Conformity with International Standards on Auditing" is amended to read as follows:

The following application and other explanatory material is additional to ISA 700:

           * Paragraph Aus A57.1 identifies the Auditing and Assurance Standards Board and its website address when an auditor refers to a description of the auditor's responsibilities on a website.

           * Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in the auditor's report and includes a reference to ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report for further requirements and guidance relevant to Other Matter paragraphs.

           * …

11.               Following existing paragraph 42, and before the sub-heading "Other Reporting Responsibilities", the following sub-heading is inserted:

Early adoption of Auditing Standards

12.               Following the sub-heading inserted above, the following paragraph Aus 42.1 is inserted:

When the auditor elects to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that