Document ID: chunk:federal_register_of_legislation:F2021C01247:reg:10:p2
Version: federal_register_of_legislation:F2021C01247
Segment Type: reg
Provision Reference: reg 10 (pt 2/21)
Character Range: 9641–12919

financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods ending on or after 15 December 2016.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. The Australian Standards on Auditing in the 100–700 series apply to an audit of a financial report.  This Auditing Standard deals with special considerations in the application of those Australian Auditing Standards to an audit of a financial report prepared in accordance with a special purpose framework.

      2. This Auditing Standard is written in the context of a financial report prepared in accordance with a special purpose framework.  ASA 805[1] deals with special considerations relevant to an audit of a single financial statement or of a specific element, account or item of a financial statement.

      3. This Auditing Standard does not override the requirements of the other Auditing Standards; nor does it purport to deal with all special considerations that may be relevant in the circumstances of the engagement.

Effective Date

4.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objective

5.                   The objective of the auditor, when applying Australian Auditing Standards in an audit of a financial report prepared in accordance with a special purpose framework, is to address appropriately the special considerations that are relevant to:

(a)                The acceptance of the engagement;

(b)                The planning and performance of that engagement; and

(c)                Forming an opinion and reporting on the financial report.

Definitions

6.                   For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

(a)                Special purpose financial statements – Financial statements prepared in accordance with a special purpose framework. (Ref: Para.A4)

(b)                Special purpose framework – A financial reporting framework designed to meet the financial information needs of specific users.  The financial reporting framework may be a fair presentation framework or a compliance framework.[2] (Ref: Para. A1–A4)

Aus 6.1 Special purpose financial report means a complete set of financial statements[*], including an assertion statement[#] by those responsible for the financial report, prepared in accordance with a special purpose framework. (Ref: Para. A1-A4)

7.                   Reference to "financial statements" in this Auditing Standard means "a complete set of special purpose financial statements".  The requirements of the applicable financial reporting framework determine the presentation, structure, and content of the financial statements, and what constitutes a complete set of financial statements.  Reference to "special purpose financial statements" includes the related disclosures.

Requirements

Considerations When Accepting the Engagement

Acceptability of the Financial Reporting Framework

8.                   ASA 210 requires the auditor to determine the acceptability of the financial reporting framework applied in the preparation of the financial report.[3]  In an audit of a special purpose