Document ID: chunk:federal_register_of_legislation:F2023C01125:body:0:p2
Version: federal_register_of_legislation:F2023C01125
Segment Type: other
Provision Reference: 
Character Range: 2974–7100

WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application......................................................Aus 0.1-Aus 0.2

Operative Date.........................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Effect of Laws and Regulations...................................................2

Responsibility for Compliance with Laws and Regulations..............................3-9

Effective Date..............................................................10

Objectives.................................................................11

Definition.................................................................12

Requirements

The Auditor's Consideration of Compliance with Laws and Regulations..................13-18

Audit Procedures When Non‑Compliance Is Identified or Suspected..............19-22

Communicating and Reporting Identified or Suspected Non‑Compliance...........23-29

Documentation..............................................................30

Application and Other Explanatory Material

Responsibility for Compliance with Laws and Regulations...........................A1-A8

Definition.............................................................A9-A10

The Auditor's Consideration of Compliance with Laws and Regulations...............A11-A16

Audit Procedures When Non‑Compliance Is Identified or Suspected...........A17-A25

Communicating and Reporting Identified or Suspected Non‑Compliance........A26-A34

Documentation.........................................................A35-A36

COMPILATION DETAILS

Auditing Standard ASA 250 Considerations of Laws and Regulations in an Audit of a Financial Report (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 2 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 250 (May 2017) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards
Standard             Date made      Operative Date
ASA 250 [A]          30 May 2017    Financial reporting periods commencing on or after 1 January 2018
ASA 2020-2 [B]       30 June 2020   Financial reporting periods ending on or after 15 July 2020
ASA 2020-1 [C]       3 March 2020   Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2021-1 [D]       10 March 2021  Financial reporting periods commencing on or after 15 December 2022
ASA 2022-1      [E]  27 April 2022  Financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASA 250     F2017L01172          13 September 2017  14 September 2017

ASA 2020‑2  F2020L00885          7 July 2020        8 July 2020

ASA 2020-1  F2020L00252          13 March 2020      14 December 2021

ASA 2021-1  F2021L00403          1 April 2021       14 December 2022

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments

Paragraph affected       How affected  By … [paragraph]
A8                       Amended       ASA 2020‑2 [29]
A8 Footnote 11           Amended       ASA 2020-2 [30]
A30                      Amended       ASA 2020-2 [31]
A30 Footnotes 17 and 18  Amended       ASA 2020-2 [32]
A36 Footnote 19          Amended       ASA 2020-2 [33]
13 Footnote 4            Amended       ASA 2020-1 [56]
A23                      Amended       ASA 2020-1 [57]
A25                      Amended       ASA 2021-1 [47]
A25                      Amended       ASA 2021-1 [48]
Footnote 14
A8                       Amended       ASA 2022-1 [22]

AUTHORITY STATEMENT

 Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A36.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB