Document ID: chunk:federal_register_of_legislation:F2022L01638:body:0:p3
Version: federal_register_of_legislation:F2022L01638
Segment Type: other
Provision Reference: 
Character Range: 6502–9549

Reviews, ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information and ASA 315 Identifying and Assessing the Risks of Material Misstatement.

Objective

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

(a)                ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity  (Issued 9 June 2020)

(b)                ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 5 November 2021)

Definition

6.                   For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

7.                   Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

8.                   Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.

Amendments to ASRE 2410

9.                   Existing paragraph 9 is amended to read as follows:

The auditor shall implement quality controlmanagement procedures that are applicable to the individual engagement.

10.               Existing paragraph 13 is amended to read as follows:

The auditor shall obtain an understanding of the entity and its environment, the applicable financial reporting framework, and the entity's system of including its internal control, as it relates to the preparation of both the annual and interim or other financial reports, sufficient to plan and conduct the engagement so as to be able to:

…

11.               Existing paragraph 14 is amended to read as follows:

In order to plan and conduct a review of a financial report, a recently appointed auditor, who has not yet performed an audit of the annual financial report in accordance with Australian Auditing Standards, shall obtain an understanding of the entity and its environment, the applicable financial reporting framework, and the entity's system of including its internal control, as it relates to the preparation of both the annual and interim or other financial reports.

12.               Existing paragraph A4 is amended to read as follows:

Through performing the audit of the annual financial report, the auditor obtains an understanding