Document ID: chunk:federal_register_of_legislation:F2023C01120:reg:3:p10
Version: federal_register_of_legislation:F2023C01120
Segment Type: reg
Provision Reference: reg 3 (pt 10/12)
Character Range: 36969–39925

requirements that are relevant in the circumstances.  A requirement is not relevant[10] only in the cases where:

(a)                The entire Auditing Standard is not relevant (for example, if an entity does not have an internal audit function, nothing in ASA 610[11] is relevant); or

(b)                The requirement is conditional and the condition does not exist (for example, the requirement to modify the auditor's opinion where there is an inability to obtain sufficient appropriate audit evidence, and there is no such inability).

Matters Arising after the Date of the Auditor's Report (Ref: Para. 13)

A20.         Examples of exceptional circumstances include facts which become known to the auditor after the date of the auditor's report but which existed at that date and which, if known at that date, might have caused the financial report to be amended or the auditor to modify the opinion in the auditor's report.[12]  The resulting changes to the audit documentation are reviewed in accordance with the review responsibilities set out in ASA 220[13].

Assembly of the Final Audit File (Ref: Para. 14‑16)

A21.         ASQM 1 requires firms' systems of quality management to establish a quality objective that addresses the assembly of engagement documentation on a timely basis after the date of the engagement reports.[14]  An appropriate time limit within which to complete the assembly of the final audit file is ordinarily not more than 60 days after the date of the auditor's report.[15]

A22.         The completion of the assembly of the final audit file after the date of the auditor's report is an administrative process that does not involve the performance of new audit procedures or the drawing of new conclusions.  Changes may, however, be made to the audit documentation during the final assembly process if they are administrative in nature.  Examples of such changes include:

           * Deleting or discarding superseded documentation.

           * Sorting, collating and cross‑referencing working papers.

           * Signing off on completion checklists relating to the file assembly process.

           * Documenting audit evidence that the auditor has obtained, discussed and agreed with the relevant members of the engagement team before the date of the auditor's report.

A23.         ASQM 1 requires firms' systems of quality management to establish a quality objective to address the appropriate maintenance and retention of engagement documentation to meet the needs of the firm and to comply with law, regulation, relevant ethical requirements, or AUASB Standards.[16]  The retention period for audit engagements ordinarily is no shorter than five years from the date of the auditor's report, or, if later, the date of the auditor's report on the group financial reports, when applicable.[17]

Aus A23.1 Under section 307B of the Corporations Act 2001, the auditor or member of an audit firm is required