Document ID: chunk:federal_register_of_legislation:F2021L01301:body:0:p2
Version: federal_register_of_legislation:F2021L01301
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to the application and other explanatory material and appendices of the following Auditing Standard:

ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020)

The amendments arise from changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-4 Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

Dated: 7 September 2021  W R Edge
 Chair - AUASB

Conformity with International Standards on Auditing

This Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Auditing Standard ASA 2021-4

Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks

Application

      1. This Auditing Standard applies to:

           * an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and

           * an audit of a financial report, or a complete set of financial statements, for any other purpose.

2.                   This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

3.                   This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2021.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks made under Section 336 of the Corporations Act 2001 as a result of changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).

Objective

5.                   The objective of this Auditing Standard is to make amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020).

Definition

6.                   For the purposes of this Auditing Standard, the meanings 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 Standard

7.                   This Standard uses underlining, striking out and other typographical material to identify the amendments