Document ID: chunk:federal_register_of_legislation:F2022L00712:body:0:p7
Version: federal_register_of_legislation:F2022L00712
Segment Type: other
Provision Reference: 
Character Range: 18644–21874

may specify certain matters that are commonly expected to be significant judgements. Significant judgements in relation to the audit engagement may include matters related to the overall audit strategy and audit plan for undertaking the engagement, the execution of the engagement and the overall conclusions reached by the engagement team, for example:

           * …

           * In group audit situations:

                   + …

                   + Decisions about the involvement of component auditors, including how to direct and supervise them and review their work, including, for example, when there are areas of higher assessed risk of material misstatement of the financial information of a component; and

                   + …

Amendments to ASA 230

20.               Existing Appendix 1 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 600 Special Considerations—Audits of Group Financial Reports (Including the Work of Component Auditors) – paragraph 5950

           * …

Amendments to ASA 240

21.               Existing paragraph A6 is amended to read as follows:

Law, regulation or relevant ethical requirements may require the auditor to perform additional procedures and take further actions. For example, the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting and Professional and Ethical Standards Board requires the auditor to take steps to respond to identified or suspected non-compliance with laws and regulations and determine whether further action is needed. Such steps may include the communication of identified or suspected non-compliance with laws and regulations betweento other auditors within the engagement teama group, including a group engagement partner, component auditors, or other auditors performing work at entities or business unitscomponents of a group for purposes other than the audit of the group financial report. 15

Amendments to ASA 250

22.               Existing paragraph A8 is amended to read as follows:

Law, regulation or relevant ethical requirements may require the auditor to perform additional procedures and take further action. For example, the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board (the Code) requires the auditor to take steps to respond to identified or suspected non-compliance with laws and regulations and determine whether further action is needed. Such steps may include the communication of identified or suspected non-compliance with laws and regulations betweento other auditors within the engagement teama group, including a group engagement partner, component auditors, or other auditors performing work at entities or business unitscomponents of a group for purposes other than the audit of