Document ID: chunk:federal_register_of_legislation:F2020L00885:body:0:p2
Version: federal_register_of_legislation:F2020L00885
Segment Type: other
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Character Range: 4417–7326

legislative instruments under the Legislation Act 2003.

Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.

Main Features

This Auditing Standard makes amendments to the following Auditing Standards:

ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other Assurance Engagements and Related Services Engagements (Issued 27 October 2009 and amended to 30 May 2017)

ASA 100 Preamble to AUASB Standards (Issued 28 April 2006)

ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 5 December 2018)

ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information (Issued 27 October 2009 and amended to 30 May 2017)

ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 5 December 2018)

ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Issued 30 May 2017)

ASA 260 Communication With Those Charged with Governance (Issued 1 December 2015 and amended to 5 December 2018)

ASA 510 Initial Audit Engagements – Opening Balances (Issued 27 October 2009 and amended to 1 December 2015)

ASA 570 Going Concern (Issued 1 December 2015)

ASA 600 Special Considerations – Audits of a Group Financial Report (Issued 27 October 2009 and amended to 1 December 2015)

ASA 620 Using the Work of an Auditor's Expert (Issued 27 October 2009)

ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 amended to 5 December 2018)

ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued 1 December 2015)

ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued 1 December 2015)

ASA 710 Comparative Information – Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 1 December 2015)

ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued 1 December 2015)

ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks  (Issued 26 July 2016 and amended to 30 May 2017)

The amendments arise from changes made by the International Auditing and Assurance Standards Board (IAASB) to numerous International Standards in response to the revised International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code).  Under the Strategic Direction given to the AUASB by the FRC, the