Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p3
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 7039–10312

to make appropriate consequential amendments to the Australian Auditing Standards.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-1 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

Dated: 10 March 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).  Rather, the IAASB issues a Conforming Amendments Pronouncement, Conforming Amendments to ISAs and Related Material Arising from the Quality Management Projects, ASA 2021-1 conforms to this Pronouncement.

Auditing Standard ASA 2021-1

Amendments to Australian Auditing Standards

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 15 December 2022.

Introduction

Scope of this Auditing Standard

4.                   This Auditing Standard makes amendments to Australian Auditing Standards. The amendments arise from consequential and conforming changes arising from the issuance of ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements, ASQM 2 Engagement Quality Reviews and ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information.

Objective

5.                   The objective of this Auditing Standard is to make amendments to the following Auditing Standards:

(a)                ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019)

(b)                ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to June 2020)

(c)                ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to May 2017)

(d)                ASA 230 Audit Documentation (Issued October 2009 and amended to December 2018)

(e)                ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Issued May 2017 and amended to June 2020)

(f)                 ASA 260 Communication With Those Charged with Governance (Issued December 2015 and amended to June 2020)

(g)                ASA 300 Planning an Audit