{"id":"F2025L01471","name":"AUASB 2025-8 Amendments to AUASB Standards","slug":"auasb-2025-8-amendments-to-auasb-standards","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107465,"registerId":"commonwealth-F2025L01471-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Standard","sectionType":"section","heading":"Obtaining a Copy of this Standard","content":"##### Obtaining a Copy of this Standard\n\nThis Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au","sortOrder":0},{"sectionNumber":"Contact Details","sectionType":"section","heading":"Contact Details","content":"##### Contact Details\n\n| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |     |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |","sortOrder":1},{"sectionNumber":"COPYRIGHT","sectionType":"section","heading":"COPYRIGHT","content":"##### COPYRIGHT\n\n© 2025 Commonwealth of Australia. The text, graphics and layout of this Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1030-603X","sortOrder":2},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication...............................................................1-2\n\nOperative Date..............................................................3\n\nIntroduction\n\nScope of this Standard.........................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to AUASB Standards..............................................7-8\n\nAmendments to ASRE 2410...................................................9-12\n\nAmendments to ASA 101......................................................13\n\nAmendments to ASA 200......................................................14\n\nAmendments to ASA 210....................................................15-16\n\nAmendments to ASA 700....................................................17-21","sortOrder":3},{"sectionNumber":"preface","sectionType":"part","heading":"preface","content":"##### Obtaining a Copy of this Standard\n\nThis Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au\n\n##### Contact Details\n\n| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |     |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |\n\n##### COPYRIGHT\n\n© 2025 Commonwealth of Australia. The text, graphics and layout of this Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1030-603X\n\n# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication...............................................................1-2\n\nOperative Date..............................................................3\n\nIntroduction\n\nScope of this Standard.........................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to AUASB Standards..............................................7-8\n\nAmendments to ASRE 2410...................................................9-12\n\nAmendments to ASA 101......................................................13\n\nAmendments to ASA 200......................................................14\n\nAmendments to ASA 210....................................................15-16\n\nAmendments to ASA 700....................................................17-21\n\n  \n\n# preface\n\n#### Reasons for Issuing AUASB 2025-8\n\nThe AUASB issues AUASB 2025-8 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder 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.\n\n#### Main Features\n\nThis Standard makes amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:\n\nASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 13 December 2022)\n\nASA 101 Preamble to AUASB Standards (Issued 28 January 2025)\n\nASA 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 November 2021)\n\nASA 210 Agreeing the Terms of Audit Engagements (Issued 27 October 2009 and amended to 15 March 2023)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 28 January 2025)\n\nThe amendments arise from changes made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code), minor amendments to define a term used throughout the AUASB Standards and other editorial corrections.\n\n  \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard AUASB 2025-8 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 12 November 2025 D Niven  \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Standard makes amendments to other standards that are consistent with changes made by the International Auditing and Assurance Standards Board to the equivalent International Standard on Auditing.","sortOrder":4},{"sectionNumber":"Reasons for Issuing AUASB 2025-8","sectionType":"subdivision","heading":"Reasons for Issuing AUASB 2025-8","content":"#### Reasons for Issuing AUASB 2025-8\n\nThe AUASB issues AUASB 2025-8 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder 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.","sortOrder":5},{"sectionNumber":"Main Features","sectionType":"subdivision","heading":"Main Features","content":"#### Main Features\n\nThis Standard makes amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:\n\nASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 13 December 2022)\n\nASA 101 Preamble to AUASB Standards (Issued 28 January 2025)\n\nASA 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 November 2021)\n\nASA 210 Agreeing the Terms of Audit Engagements (Issued 27 October 2009 and amended to 15 March 2023)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 28 January 2025)\n\nThe amendments arise from changes made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code), minor amendments to define a term used throughout the AUASB Standards and other editorial corrections.\n\n  \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard AUASB 2025-8 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 12 November 2025 D Niven  \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Standard makes amendments to other standards that are consistent with changes made by the International Auditing and Assurance Standards Board to the equivalent International Standard on Auditing.","sortOrder":6},{"sectionNumber":"AUTHORITY STATEMENT","sectionType":"part","heading":"AUTHORITY STATEMENT","content":"## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard AUASB 2025-8 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.","sortOrder":7},{"sectionNumber":"Conformity with International Standards ","sectionType":"section","heading":"Conformity with International Standards on Auditing","content":"##### Conformity with International Standards on Auditing\n\nThis Standard makes amendments to other standards that are consistent with changes made by the International Auditing and Assurance Standards Board to the equivalent International Standard on Auditing.","sortOrder":8},{"sectionNumber":"AUASB 2025-8","sectionType":"part","heading":"AUASB 2025-8","content":"## AUASB 2025-8\n\n### Amendments to AUASB Standards\n\n##### Application\n\n1.  This Standard applies to:\n    1.  an audit or a review of a financial report for a financial year, or an audit or a review of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n    2.  an audit of a review of a financial report, or a complete set of financial statements, for any other purpose.\n2.  This Standard also applies, as appropriate, to an audit of a review other historical financial information.\n\n##### Operative Date\n\n1.  This Standard is operative for financial reporting periods commencing on or after 1 July 2025.\n\n##### Introduction\n\n###### Scope of this Standard\n\n1.  This Standard makes amendments to AUASB Standards as a result of amendments arising from changes made by the APESB to the Code, minor amendments to define a term used throughout the AUASB Standards and other editorial corrections.\n\n##### Objective\n\n1.  The objective of this Standard is to make amendments to the following AUASB Standards:\n    1.  ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 13 December 2022)\n    2.  ASA 101 Preamble to AUASB Standards (Issued 28 January 2025)\n    3.  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 November 2021)\n    4.  ASA 210 Agreeing the Terms of Audit Engagements (Issued 27 October 2009 and amended to 15 March 2023)\n    5.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 28 January 2025)\n\n##### Definition\n\n1.  For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.\n\n###### Amendments to AUASB Standards\n\n1.  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.\n2.  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.\n\n###### Amendments to ASRE 2410\n\n1.  Existing subparagraph 35(c) is amended to read as follows:\n\nIncludes a statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit of the annual financial report, and has fulfilled the auditor’s other ethical responsibilities in accordance with these requirements.\n\n(i) The statement shall identify the relevant ethical requirements applicable within Australia.; and\n\n(ii) If the relevant ethical requirements require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities, the statement shall indicate that the auditor is independent of the entity in accordance with the independence requirements applicable to the audits of those entities. (Ref: Para. A45)\n\n1.  The following paragraph A45 and its heading is inserted following existing paragraph A44:\n\nRelevant Ethical Requirements (Ref: Para. 35(c))\n\nRelevant ethical requirements may:\n\n(a) Establish independence requirements that are specific to reviews of financial reports of certain entities specified in the relevant ethical requirements, such as the independence requirements for reviews of financial reports of public interest entities in the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code). Relevant ethical requirements may also require the auditor to determine whether it is appropriate to apply such independence requirements to audits of financial reports of entities other than those entities specified in the relevant ethical requirements.\n\n(b) Require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities. For example, the Code requires that when a firm has applied the independence requirements for public interest entities in performing a review of the financial report of an entity, the firm publicly disclose that fact, unless making such disclosure would result in disclosing confidential future plans of the entity.[\\[9\\]](#_ftn1)\n\n1.  Existing Example Unmodified Auditor’s Review Report on a Half-Year Financial Report – Single Listed Company in Appendix 3 is amended to read as follows:\n\nEXAMPLE UNMODIFIED AUDITOR’S REVIEW REPORT ON A HALF-YEAR FINANCIAL REPORT – SINGLE LISTED COMPANY – CORPORATIONS ACT 2001\n\n…\n\nBasis for Conclusion\n\nWe conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to our audits of the annual financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nIllustrations of Auditors’ Review Reports for financial reports not prepared under the Corporations Act 2001—Unmodified and Modified Conclusions\n\nExample A – Unmodified Auditor’s Review Report (not a public interest entity) – Fair Presentation\n\nExample B – Auditor’s Review Report with a Qualified Conclusion (Except For) for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample C – Auditor’s Review Report with a Qualified Conclusion for a Limitation On Scope Not Imposed by Management (not a public interest entity) – Fair Presentation Framework\n\nExample D – Auditor’s Review Report with an Adverse Conclusion for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample E – Unmodified Auditor’s Review Report on a Financial Report (not a public interest entity) – Compliance Framework\n\n###### Amendments to ASA 101\n\n1.  The following paragraph 14 is inserted following existing paragraph 13:\n\nThe term “enquire” or “enquiries” in a provision of an AUASB Standard has the same meaning as the term “inquire” or “inquiries” (as applicable) in the corresponding provision of any equivalent standard issued by the IAASB.\n\n###### Amendments to ASA 200\n\n1.  Existing paragraph Aus 13.1 is amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 101\\* includes:\n\n(a) a statement of financial position as at the end of the period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the period;\n\n(d) a statement of cash flows for the period; and\n\n(e) notes, comprising material accounting policy informationa summary of significant accounting policies and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.\n\n###### Amendments to ASA 210\n\n1.  Existing paragraph A8 is amended to read as follows:\n\nAt present, there is no objective and authoritative basis that has been generally recognised globally for judging the acceptability of general purpose frameworks. In the absence of such a basis, financial reporting standards established by organisations that are authorised or recognised to promulgate standards to be used by certain types of entities are presumed to be acceptable for general purpose financial reports prepared by such entities, provided the organisations follow an established and transparent process involving deliberation and consideration of the views of a wide range of stakeholders. Examples of such financial reporting standards include:\n\n-   IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) promulgated by the International Accounting Standards Board;\n-   …\n\n1.  Existing paragraph 4 of Appendix 2 is amended to read as follows:\n\nThe auditor may decide to compare the accounting conventions to the requirements of an existing financial reporting framework considered to be acceptable. For example, the auditor may compare the accounting conventions to IFRS Accounting Standards. For an audit of a small entity, the auditor may decide to compare the accounting conventions to a financial reporting framework specifically developed for such entities by an authorised or recognised standards setting organisation. When the auditor makes such a comparison and differences are identified, the decision as to whether the accounting conventions adopted in the preparation of the financial report constitute an acceptable financial reporting framework includes considering the reasons for the differences and whether application of the accounting conventions, or the description of the financial reporting framework in the financial report, could result in a financial report that is misleading.\n\n###### Amendments to ASA 700\n\n1.  Existing paragraph Aus 9.1 is amended to read as follows:\n\nReference to “Australian Accounting Standards” in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to “International Financial Reporting StandardsIFRS Accounting Standards” (IFRSs), means the IFRS Accounting Standards International Financial Reporting Standards issued by the International Accounting Standards Board.\n\n1.  Existing paragraph 27 is amended to read as follows:\n\nIf the reference to the applicable financial reporting framework in the auditor’s opinion is not to the IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board or International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board, the auditor’s opinion shall identify the jurisdiction of origin of the framework.\n\n1.  Existing paragraph A13 is amended to read as follows:\n\nIn some cases, the financial report may represent that it is prepared in accordance with two financial reporting frameworks (e.g., the Australian Accounting Standards and IFRS Accounting StandardsIFRSs). This may be because management is required, or has chosen, to prepare the financial report in accordance with both frameworks, in which case both are applicable financial reporting frameworks. Such description is appropriate only if the financial report complies with each of the frameworks individually. To be regarded as being prepared in accordance with both frameworks, the financial report needs to comply with both frameworks simultaneously and without any need for reconciling statements. In practice, simultaneous compliance is unlikely unless the jurisdiction has adopted the other framework (e.g., IFRS Accounting StandardsIFRSs) as its own national framework, or has eliminated all barriers to compliance with it.\n\n1.  Existing paragraph A15 is amended to read as follows:\n\nThe financial report may, however, be prepared in accordance with one applicable financial reporting framework and, in addition, describe in the notes to the financial report the extent to which the financial report complies with another framework (e.g., a financial report prepared in accordance with Australian Accounting Standards that also describes the extent to which it complies with IFRS Accounting StandardsIFRSs). Such description may constitute supplementary financial information as discussed in paragraph 54 and is covered by the auditor’s opinion if it cannot be clearly differentiated from the financial report.\n\n1.  Existing paragraph A27 is amended to read as follows:\n\nIn the case of a financial report prepared in accordance with a fair presentation framework, the auditor’s opinion states that the financial report presents fairly, in all material respects, or gives a true and fair view of, the matters that the financial report are designed to present. For example, in the case of a financial report prepared in accordance with IFRS Accounting StandardsIFRSs, these matters are the financial position of the entity as at the end of the period and the entity’s financial performance and cash flows for the period then ended. Consequently, the \\[…\\] in paragraph 25 and elsewhere in this Auditing Standard is intended to be replaced by the words in italics in the preceding sentence when the applicable financial reporting framework is IFRS Accounting StandardsIFRSs or, in the case of other applicable financial reporting frameworks, be replaced with words that describe the matters that the financial report is designed to present.","sortOrder":9},{"sectionNumber":"Amendments to AUASB Standards","sectionType":"division","heading":"Amendments to AUASB Standards","content":"## AUASB 2025-8\n\n### Amendments to AUASB Standards\n\n##### Application\n\n1.  This Standard applies to:\n    1.  an audit or a review of a financial report for a financial year, or an audit or a review of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n    2.  an audit of a review of a financial report, or a complete set of financial statements, for any other purpose.\n2.  This Standard also applies, as appropriate, to an audit of a review other historical financial information.\n\n##### Operative Date\n\n1.  This Standard is operative for financial reporting periods commencing on or after 1 July 2025.\n\n##### Introduction\n\n###### Scope of this Standard\n\n1.  This Standard makes amendments to AUASB Standards as a result of amendments arising from changes made by the APESB to the Code, minor amendments to define a term used throughout the AUASB Standards and other editorial corrections.\n\n##### Objective\n\n1.  The objective of this Standard is to make amendments to the following AUASB Standards:\n    1.  ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 13 December 2022)\n    2.  ASA 101 Preamble to AUASB Standards (Issued 28 January 2025)\n    3.  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 November 2021)\n    4.  ASA 210 Agreeing the Terms of Audit Engagements (Issued 27 October 2009 and amended to 15 March 2023)\n    5.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 28 January 2025)\n\n##### Definition\n\n1.  For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.\n\n###### Amendments to AUASB Standards\n\n1.  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.\n2.  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.\n\n###### Amendments to ASRE 2410\n\n1.  Existing subparagraph 35(c) is amended to read as follows:\n\nIncludes a statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit of the annual financial report, and has fulfilled the auditor’s other ethical responsibilities in accordance with these requirements.\n\n(i) The statement shall identify the relevant ethical requirements applicable within Australia.; and\n\n(ii) If the relevant ethical requirements require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities, the statement shall indicate that the auditor is independent of the entity in accordance with the independence requirements applicable to the audits of those entities. (Ref: Para. A45)\n\n1.  The following paragraph A45 and its heading is inserted following existing paragraph A44:\n\nRelevant Ethical Requirements (Ref: Para. 35(c))\n\nRelevant ethical requirements may:\n\n(a) Establish independence requirements that are specific to reviews of financial reports of certain entities specified in the relevant ethical requirements, such as the independence requirements for reviews of financial reports of public interest entities in the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code). Relevant ethical requirements may also require the auditor to determine whether it is appropriate to apply such independence requirements to audits of financial reports of entities other than those entities specified in the relevant ethical requirements.\n\n(b) Require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities. For example, the Code requires that when a firm has applied the independence requirements for public interest entities in performing a review of the financial report of an entity, the firm publicly disclose that fact, unless making such disclosure would result in disclosing confidential future plans of the entity.[\\[9\\]](#_ftn1)\n\n1.  Existing Example Unmodified Auditor’s Review Report on a Half-Year Financial Report – Single Listed Company in Appendix 3 is amended to read as follows:\n\nEXAMPLE UNMODIFIED AUDITOR’S REVIEW REPORT ON A HALF-YEAR FINANCIAL REPORT – SINGLE LISTED COMPANY – CORPORATIONS ACT 2001\n\n…\n\nBasis for Conclusion\n\nWe conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to our audits of the annual financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nIllustrations of Auditors’ Review Reports for financial reports not prepared under the Corporations Act 2001—Unmodified and Modified Conclusions\n\nExample A – Unmodified Auditor’s Review Report (not a public interest entity) – Fair Presentation\n\nExample B – Auditor’s Review Report with a Qualified Conclusion (Except For) for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample C – Auditor’s Review Report with a Qualified Conclusion for a Limitation On Scope Not Imposed by Management (not a public interest entity) – Fair Presentation Framework\n\nExample D – Auditor’s Review Report with an Adverse Conclusion for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample E – Unmodified Auditor’s Review Report on a Financial Report (not a public interest entity) – Compliance Framework\n\n###### Amendments to ASA 101\n\n1.  The following paragraph 14 is inserted following existing paragraph 13:\n\nThe term “enquire” or “enquiries” in a provision of an AUASB Standard has the same meaning as the term “inquire” or “inquiries” (as applicable) in the corresponding provision of any equivalent standard issued by the IAASB.\n\n###### Amendments to ASA 200\n\n1.  Existing paragraph Aus 13.1 is amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 101\\* includes:\n\n(a) a statement of financial position as at the end of the period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the period;\n\n(d) a statement of cash flows for the period; and\n\n(e) notes, comprising material accounting policy informationa summary of significant accounting policies and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.\n\n###### Amendments to ASA 210\n\n1.  Existing paragraph A8 is amended to read as follows:\n\nAt present, there is no objective and authoritative basis that has been generally recognised globally for judging the acceptability of general purpose frameworks. In the absence of such a basis, financial reporting standards established by organisations that are authorised or recognised to promulgate standards to be used by certain types of entities are presumed to be acceptable for general purpose financial reports prepared by such entities, provided the organisations follow an established and transparent process involving deliberation and consideration of the views of a wide range of stakeholders. Examples of such financial reporting standards include:\n\n-   IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) promulgated by the International Accounting Standards Board;\n-   …\n\n1.  Existing paragraph 4 of Appendix 2 is amended to read as follows:\n\nThe auditor may decide to compare the accounting conventions to the requirements of an existing financial reporting framework considered to be acceptable. For example, the auditor may compare the accounting conventions to IFRS Accounting Standards. For an audit of a small entity, the auditor may decide to compare the accounting conventions to a financial reporting framework specifically developed for such entities by an authorised or recognised standards setting organisation. When the auditor makes such a comparison and differences are identified, the decision as to whether the accounting conventions adopted in the preparation of the financial report constitute an acceptable financial reporting framework includes considering the reasons for the differences and whether application of the accounting conventions, or the description of the financial reporting framework in the financial report, could result in a financial report that is misleading.\n\n###### Amendments to ASA 700\n\n1.  Existing paragraph Aus 9.1 is amended to read as follows:\n\nReference to “Australian Accounting Standards” in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to “International Financial Reporting StandardsIFRS Accounting Standards” (IFRSs), means the IFRS Accounting Standards International Financial Reporting Standards issued by the International Accounting Standards Board.\n\n1.  Existing paragraph 27 is amended to read as follows:\n\nIf the reference to the applicable financial reporting framework in the auditor’s opinion is not to the IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board or International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board, the auditor’s opinion shall identify the jurisdiction of origin of the framework.\n\n1.  Existing paragraph A13 is amended to read as follows:\n\nIn some cases, the financial report may represent that it is prepared in accordance with two financial reporting frameworks (e.g., the Australian Accounting Standards and IFRS Accounting StandardsIFRSs). This may be because management is required, or has chosen, to prepare the financial report in accordance with both frameworks, in which case both are applicable financial reporting frameworks. Such description is appropriate only if the financial report complies with each of the frameworks individually. To be regarded as being prepared in accordance with both frameworks, the financial report needs to comply with both frameworks simultaneously and without any need for reconciling statements. In practice, simultaneous compliance is unlikely unless the jurisdiction has adopted the other framework (e.g., IFRS Accounting StandardsIFRSs) as its own national framework, or has eliminated all barriers to compliance with it.\n\n1.  Existing paragraph A15 is amended to read as follows:\n\nThe financial report may, however, be prepared in accordance with one applicable financial reporting framework and, in addition, describe in the notes to the financial report the extent to which the financial report complies with another framework (e.g., a financial report prepared in accordance with Australian Accounting Standards that also describes the extent to which it complies with IFRS Accounting StandardsIFRSs). Such description may constitute supplementary financial information as discussed in paragraph 54 and is covered by the auditor’s opinion if it cannot be clearly differentiated from the financial report.\n\n1.  Existing paragraph A27 is amended to read as follows:\n\nIn the case of a financial report prepared in accordance with a fair presentation framework, the auditor’s opinion states that the financial report presents fairly, in all material respects, or gives a true and fair view of, the matters that the financial report are designed to present. For example, in the case of a financial report prepared in accordance with IFRS Accounting StandardsIFRSs, these matters are the financial position of the entity as at the end of the period and the entity’s financial performance and cash flows for the period then ended. Consequently, the \\[…\\] in paragraph 25 and elsewhere in this Auditing Standard is intended to be replaced by the words in italics in the preceding sentence when the applicable financial reporting framework is IFRS Accounting StandardsIFRSs or, in the case of other applicable financial reporting frameworks, be replaced with words that describe the matters that the financial report is designed to present.","sortOrder":10},{"sectionNumber":"Application","sectionType":"section","heading":"Application","content":"##### Application\n\n1.  This Standard applies to:\n    1.  an audit or a review of a financial report for a financial year, or an audit or a review of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n    2.  an audit of a review of a financial report, or a complete set of financial statements, for any other purpose.\n2.  This Standard also applies, as appropriate, to an audit of a review other historical financial information.","sortOrder":11},{"sectionNumber":"Operative Date","sectionType":"section","heading":"Operative Date","content":"##### Operative Date\n\n1.  This Standard is operative for financial reporting periods commencing on or after 1 July 2025.","sortOrder":12},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"## AUASB 2025-8\n\n### Amendments to AUASB Standards\n\n##### Application\n\n1.  This Standard applies to:\n    1.  an audit or a review of a financial report for a financial year, or an audit or a review of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n    2.  an audit of a review of a financial report, or a complete set of financial statements, for any other purpose.\n2.  This Standard also applies, as appropriate, to an audit of a review other historical financial information.\n\n##### Operative Date\n\n1.  This Standard is operative for financial reporting periods commencing on or after 1 July 2025.\n\n##### Introduction\n\n###### Scope of this Standard\n\n1.  This Standard makes amendments to AUASB Standards as a result of amendments arising from changes made by the APESB to the Code, minor amendments to define a term used throughout the AUASB Standards and other editorial corrections.\n\n##### Objective\n\n1.  The objective of this Standard is to make amendments to the following AUASB Standards:\n    1.  ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 13 December 2022)\n    2.  ASA 101 Preamble to AUASB Standards (Issued 28 January 2025)\n    3.  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 November 2021)\n    4.  ASA 210 Agreeing the Terms of Audit Engagements (Issued 27 October 2009 and amended to 15 March 2023)\n    5.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 28 January 2025)\n\n##### Definition\n\n1.  For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.\n\n###### Amendments to AUASB Standards\n\n1.  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.\n2.  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.\n\n###### Amendments to ASRE 2410\n\n1.  Existing subparagraph 35(c) is amended to read as follows:\n\nIncludes a statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit of the annual financial report, and has fulfilled the auditor’s other ethical responsibilities in accordance with these requirements.\n\n(i) The statement shall identify the relevant ethical requirements applicable within Australia.; and\n\n(ii) If the relevant ethical requirements require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities, the statement shall indicate that the auditor is independent of the entity in accordance with the independence requirements applicable to the audits of those entities. (Ref: Para. A45)\n\n1.  The following paragraph A45 and its heading is inserted following existing paragraph A44:\n\nRelevant Ethical Requirements (Ref: Para. 35(c))\n\nRelevant ethical requirements may:\n\n(a) Establish independence requirements that are specific to reviews of financial reports of certain entities specified in the relevant ethical requirements, such as the independence requirements for reviews of financial reports of public interest entities in the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code). Relevant ethical requirements may also require the auditor to determine whether it is appropriate to apply such independence requirements to audits of financial reports of entities other than those entities specified in the relevant ethical requirements.\n\n(b) Require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities. For example, the Code requires that when a firm has applied the independence requirements for public interest entities in performing a review of the financial report of an entity, the firm publicly disclose that fact, unless making such disclosure would result in disclosing confidential future plans of the entity.[\\[9\\]](#_ftn1)\n\n1.  Existing Example Unmodified Auditor’s Review Report on a Half-Year Financial Report – Single Listed Company in Appendix 3 is amended to read as follows:\n\nEXAMPLE UNMODIFIED AUDITOR’S REVIEW REPORT ON A HALF-YEAR FINANCIAL REPORT – SINGLE LISTED COMPANY – CORPORATIONS ACT 2001\n\n…\n\nBasis for Conclusion\n\nWe conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to our audits of the annual financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nIllustrations of Auditors’ Review Reports for financial reports not prepared under the Corporations Act 2001—Unmodified and Modified Conclusions\n\nExample A – Unmodified Auditor’s Review Report (not a public interest entity) – Fair Presentation\n\nExample B – Auditor’s Review Report with a Qualified Conclusion (Except For) for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample C – Auditor’s Review Report with a Qualified Conclusion for a Limitation On Scope Not Imposed by Management (not a public interest entity) – Fair Presentation Framework\n\nExample D – Auditor’s Review Report with an Adverse Conclusion for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample E – Unmodified Auditor’s Review Report on a Financial Report (not a public interest entity) – Compliance Framework\n\n###### Amendments to ASA 101\n\n1.  The following paragraph 14 is inserted following existing paragraph 13:\n\nThe term “enquire” or “enquiries” in a provision of an AUASB Standard has the same meaning as the term “inquire” or “inquiries” (as applicable) in the corresponding provision of any equivalent standard issued by the IAASB.\n\n###### Amendments to ASA 200\n\n1.  Existing paragraph Aus 13.1 is amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 101\\* includes:\n\n(a) a statement of financial position as at the end of the period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the period;\n\n(d) a statement of cash flows for the period; and\n\n(e) notes, comprising material accounting policy informationa summary of significant accounting policies and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.\n\n###### Amendments to ASA 210\n\n1.  Existing paragraph A8 is amended to read as follows:\n\nAt present, there is no objective and authoritative basis that has been generally recognised globally for judging the acceptability of general purpose frameworks. In the absence of such a basis, financial reporting standards established by organisations that are authorised or recognised to promulgate standards to be used by certain types of entities are presumed to be acceptable for general purpose financial reports prepared by such entities, provided the organisations follow an established and transparent process involving deliberation and consideration of the views of a wide range of stakeholders. Examples of such financial reporting standards include:\n\n-   IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) promulgated by the International Accounting Standards Board;\n-   …\n\n1.  Existing paragraph 4 of Appendix 2 is amended to read as follows:\n\nThe auditor may decide to compare the accounting conventions to the requirements of an existing financial reporting framework considered to be acceptable. For example, the auditor may compare the accounting conventions to IFRS Accounting Standards. For an audit of a small entity, the auditor may decide to compare the accounting conventions to a financial reporting framework specifically developed for such entities by an authorised or recognised standards setting organisation. When the auditor makes such a comparison and differences are identified, the decision as to whether the accounting conventions adopted in the preparation of the financial report constitute an acceptable financial reporting framework includes considering the reasons for the differences and whether application of the accounting conventions, or the description of the financial reporting framework in the financial report, could result in a financial report that is misleading.\n\n###### Amendments to ASA 700\n\n1.  Existing paragraph Aus 9.1 is amended to read as follows:\n\nReference to “Australian Accounting Standards” in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to “International Financial Reporting StandardsIFRS Accounting Standards” (IFRSs), means the IFRS Accounting Standards International Financial Reporting Standards issued by the International Accounting Standards Board.\n\n1.  Existing paragraph 27 is amended to read as follows:\n\nIf the reference to the applicable financial reporting framework in the auditor’s opinion is not to the IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board or International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board, the auditor’s opinion shall identify the jurisdiction of origin of the framework.\n\n1.  Existing paragraph A13 is amended to read as follows:\n\nIn some cases, the financial report may represent that it is prepared in accordance with two financial reporting frameworks (e.g., the Australian Accounting Standards and IFRS Accounting StandardsIFRSs). This may be because management is required, or has chosen, to prepare the financial report in accordance with both frameworks, in which case both are applicable financial reporting frameworks. Such description is appropriate only if the financial report complies with each of the frameworks individually. To be regarded as being prepared in accordance with both frameworks, the financial report needs to comply with both frameworks simultaneously and without any need for reconciling statements. In practice, simultaneous compliance is unlikely unless the jurisdiction has adopted the other framework (e.g., IFRS Accounting StandardsIFRSs) as its own national framework, or has eliminated all barriers to compliance with it.\n\n1.  Existing paragraph A15 is amended to read as follows:\n\nThe financial report may, however, be prepared in accordance with one applicable financial reporting framework and, in addition, describe in the notes to the financial report the extent to which the financial report complies with another framework (e.g., a financial report prepared in accordance with Australian Accounting Standards that also describes the extent to which it complies with IFRS Accounting StandardsIFRSs). Such description may constitute supplementary financial information as discussed in paragraph 54 and is covered by the auditor’s opinion if it cannot be clearly differentiated from the financial report.\n\n1.  Existing paragraph A27 is amended to read as follows:\n\nIn the case of a financial report prepared in accordance with a fair presentation framework, the auditor’s opinion states that the financial report presents fairly, in all material respects, or gives a true and fair view of, the matters that the financial report are designed to present. For example, in the case of a financial report prepared in accordance with IFRS Accounting StandardsIFRSs, these matters are the financial position of the entity as at the end of the period and the entity’s financial performance and cash flows for the period then ended. Consequently, the \\[…\\] in paragraph 25 and elsewhere in this Auditing Standard is intended to be replaced by the words in italics in the preceding sentence when the applicable financial reporting framework is IFRS Accounting StandardsIFRSs or, in the case of other applicable financial reporting frameworks, be replaced with words that describe the matters that the financial report is designed to present.","sortOrder":13},{"sectionNumber":"Scope of this Standard","sectionType":"section","heading":"Scope of this Standard","content":"###### Scope of this Standard\n\n1.  This Standard makes amendments to AUASB Standards as a result of amendments arising from changes made by the APESB to the Code, minor amendments to define a term used throughout the AUASB Standards and other editorial corrections.","sortOrder":14},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n1.  The objective of this Standard is to make amendments to the following AUASB Standards:\n    1.  ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 13 December 2022)\n    2.  ASA 101 Preamble to AUASB Standards (Issued 28 January 2025)\n    3.  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 November 2021)\n    4.  ASA 210 Agreeing the Terms of Audit Engagements (Issued 27 October 2009 and amended to 15 March 2023)\n    5.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 28 January 2025)","sortOrder":15},{"sectionNumber":"Definition","sectionType":"section","heading":"Definition","content":"##### Definition\n\n1.  For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.","sortOrder":16},{"sectionNumber":"Amendments to ASRE 2410","sectionType":"section","heading":"Amendments to ASRE 2410","content":"###### Amendments to ASRE 2410\n\n1.  Existing subparagraph 35(c) is amended to read as follows:\n\nIncludes a statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit of the annual financial report, and has fulfilled the auditor’s other ethical responsibilities in accordance with these requirements.\n\n(i) The statement shall identify the relevant ethical requirements applicable within Australia.; and\n\n(ii) If the relevant ethical requirements require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities, the statement shall indicate that the auditor is independent of the entity in accordance with the independence requirements applicable to the audits of those entities. (Ref: Para. A45)\n\n1.  The following paragraph A45 and its heading is inserted following existing paragraph A44:\n\nRelevant Ethical Requirements (Ref: Para. 35(c))\n\nRelevant ethical requirements may:\n\n(a) Establish independence requirements that are specific to reviews of financial reports of certain entities specified in the relevant ethical requirements, such as the independence requirements for reviews of financial reports of public interest entities in the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code). Relevant ethical requirements may also require the auditor to determine whether it is appropriate to apply such independence requirements to audits of financial reports of entities other than those entities specified in the relevant ethical requirements.\n\n(b) Require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial reports of certain entities. For example, the Code requires that when a firm has applied the independence requirements for public interest entities in performing a review of the financial report of an entity, the firm publicly disclose that fact, unless making such disclosure would result in disclosing confidential future plans of the entity.[\\[9\\]](#_ftn1)\n\n1.  Existing Example Unmodified Auditor’s Review Report on a Half-Year Financial Report – Single Listed Company in Appendix 3 is amended to read as follows:\n\nEXAMPLE UNMODIFIED AUDITOR’S REVIEW REPORT ON A HALF-YEAR FINANCIAL REPORT – SINGLE LISTED COMPANY – CORPORATIONS ACT 2001\n\n…\n\nBasis for Conclusion\n\nWe conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to our audits of the annual financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nIllustrations of Auditors’ Review Reports for financial reports not prepared under the Corporations Act 2001—Unmodified and Modified Conclusions\n\nExample A – Unmodified Auditor’s Review Report (not a public interest entity) – Fair Presentation\n\nExample B – Auditor’s Review Report with a Qualified Conclusion (Except For) for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample C – Auditor’s Review Report with a Qualified Conclusion for a Limitation On Scope Not Imposed by Management (not a public interest entity) – Fair Presentation Framework\n\nExample D – Auditor’s Review Report with an Adverse Conclusion for a Departure from the Applicable Financial Reporting Framework (not a public interest entity) – Fair Presentation Framework\n\nExample E – Unmodified Auditor’s Review Report on a Financial Report (not a public interest entity) – Compliance Framework","sortOrder":18},{"sectionNumber":"Amendments to ASA 101","sectionType":"section","heading":"Amendments to ASA 101","content":"###### Amendments to ASA 101\n\n1.  The following paragraph 14 is inserted following existing paragraph 13:\n\nThe term “enquire” or “enquiries” in a provision of an AUASB Standard has the same meaning as the term “inquire” or “inquiries” (as applicable) in the corresponding provision of any equivalent standard issued by the IAASB.","sortOrder":19},{"sectionNumber":"Amendments to ASA 200","sectionType":"section","heading":"Amendments to ASA 200","content":"###### Amendments to ASA 200\n\n1.  Existing paragraph Aus 13.1 is amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 101\\* includes:\n\n(a) a statement of financial position as at the end of the period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the period;\n\n(d) a statement of cash flows for the period; and\n\n(e) notes, comprising material accounting policy informationa summary of significant accounting policies and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.","sortOrder":20},{"sectionNumber":"Amendments to ASA 210","sectionType":"section","heading":"Amendments to ASA 210","content":"###### Amendments to ASA 210\n\n1.  Existing paragraph A8 is amended to read as follows:\n\nAt present, there is no objective and authoritative basis that has been generally recognised globally for judging the acceptability of general purpose frameworks. In the absence of such a basis, financial reporting standards established by organisations that are authorised or recognised to promulgate standards to be used by certain types of entities are presumed to be acceptable for general purpose financial reports prepared by such entities, provided the organisations follow an established and transparent process involving deliberation and consideration of the views of a wide range of stakeholders. Examples of such financial reporting standards include:\n\n-   IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) promulgated by the International Accounting Standards Board;\n-   …\n\n1.  Existing paragraph 4 of Appendix 2 is amended to read as follows:\n\nThe auditor may decide to compare the accounting conventions to the requirements of an existing financial reporting framework considered to be acceptable. For example, the auditor may compare the accounting conventions to IFRS Accounting Standards. For an audit of a small entity, the auditor may decide to compare the accounting conventions to a financial reporting framework specifically developed for such entities by an authorised or recognised standards setting organisation. When the auditor makes such a comparison and differences are identified, the decision as to whether the accounting conventions adopted in the preparation of the financial report constitute an acceptable financial reporting framework includes considering the reasons for the differences and whether application of the accounting conventions, or the description of the financial reporting framework in the financial report, could result in a financial report that is misleading.","sortOrder":21},{"sectionNumber":"Amendments to ASA 700","sectionType":"section","heading":"Amendments to ASA 700","content":"###### Amendments to ASA 700\n\n1.  Existing paragraph Aus 9.1 is amended to read as follows:\n\nReference to “Australian Accounting Standards” in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to “International Financial Reporting StandardsIFRS Accounting Standards” (IFRSs), means the IFRS Accounting Standards International Financial Reporting Standards issued by the International Accounting Standards Board.\n\n1.  Existing paragraph 27 is amended to read as follows:\n\nIf the reference to the applicable financial reporting framework in the auditor’s opinion is not to the IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board or International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board, the auditor’s opinion shall identify the jurisdiction of origin of the framework.\n\n1.  Existing paragraph A13 is amended to read as follows:\n\nIn some cases, the financial report may represent that it is prepared in accordance with two financial reporting frameworks (e.g., the Australian Accounting Standards and IFRS Accounting StandardsIFRSs). This may be because management is required, or has chosen, to prepare the financial report in accordance with both frameworks, in which case both are applicable financial reporting frameworks. Such description is appropriate only if the financial report complies with each of the frameworks individually. To be regarded as being prepared in accordance with both frameworks, the financial report needs to comply with both frameworks simultaneously and without any need for reconciling statements. In practice, simultaneous compliance is unlikely unless the jurisdiction has adopted the other framework (e.g., IFRS Accounting StandardsIFRSs) as its own national framework, or has eliminated all barriers to compliance with it.\n\n1.  Existing paragraph A15 is amended to read as follows:\n\nThe financial report may, however, be prepared in accordance with one applicable financial reporting framework and, in addition, describe in the notes to the financial report the extent to which the financial report complies with another framework (e.g., a financial report prepared in accordance with Australian Accounting Standards that also describes the extent to which it complies with IFRS Accounting StandardsIFRSs). Such description may constitute supplementary financial information as discussed in paragraph 54 and is covered by the auditor’s opinion if it cannot be clearly differentiated from the financial report.\n\n1.  Existing paragraph A27 is amended to read as follows:\n\nIn the case of a financial report prepared in accordance with a fair presentation framework, the auditor’s opinion states that the financial report presents fairly, in all material respects, or gives a true and fair view of, the matters that the financial report are designed to present. For example, in the case of a financial report prepared in accordance with IFRS Accounting StandardsIFRSs, these matters are the financial position of the entity as at the end of the period and the entity’s financial performance and cash flows for the period then ended. Consequently, the \\[…\\] in paragraph 25 and elsewhere in this Auditing Standard is intended to be replaced by the words in italics in the preceding sentence when the applicable financial reporting framework is IFRS Accounting StandardsIFRSs or, in the case of other applicable financial reporting frameworks, be replaced with words that describe the matters that the financial report is designed to present.","sortOrder":22}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument does not broaden the types of engagements subject to AUASB Standards or introduce new definitions; it amends wording, aligns standards with APESB Code changes and IAASB terms, and makes editorial clarifications. In substance the scope of regulated audits/reviews remains unchanged; the amendments refine obligations and disclosures rather than expand coverage (see Scope of this Standard; Definition; Objective)."},"complexity_factors":["Multiple standards amended (ASRE 2410, ASA 101, ASA 200, ASA 210, ASA 700) increases coordination and cross‑reference checks (see Objective; Amendments to AUASB Standards).","Changes to independence disclosure wording and a new explanatory paragraph (ASRE 2410 subpara 35(c) and inserted para A45) impose specific public disclosure considerations for certain entities.","Terminology alignment with IAASB standards (ASA 101 insertion para 14) requires reviewers to map ‘enquire/enquiries’ to ‘inquire/inquiries’ across documents.","Clarification of what constitutes a ‘complete set of financial statements’ (ASA 200 Aus 13.1) modifies required note content and may affect preparer/auditor judgements about completeness.","References to IFRS terminology and requirement to identify jurisdiction when non‑IFRS frameworks are used (ASA 700 Aus 9.1; para 27) create additional reporting steps where multiple frameworks apply.","Edits to application and appendix examples (ASRE 2410 appendices; ASA 700 A13–A27) require updating of standard report templates and training for consistent application.","Operative date fixed (1 July 2025) creates a defined compliance deadline for firms to implement wording and procedural changes.","Instrument is made under statutory powers (ASIC Act s227B; Corporations Act s336) so amendments have force as legislative instruments and affect regulated audits."],"plain_english_summary":"This amending standard updates several AUASB auditing and review standards to reflect changes made by the APESB to the APES 110 Code, to harmonise wording with international equivalents, and to make minor definitional and editorial clarifications. It applies to audits and reviews under the Corporations Act and to other audits/reviews of historical financial information, and is operative for reporting periods beginning on or after 1 July 2025. The changes alter report wording and disclosure requirements (notably independence statements), so auditors and firms will need to update templates and documentation."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a housekeeping amendment that remains strictly within its original scope of maintaining alignment between Australian auditing standards, international standards, and the Code of Ethics. It does not expand the substantive obligations of auditors beyond what was already contemplated in the existing framework."},"complexity_factors":["Amending instrument structure requires cross-referencing to 5 separate underlying standards (ASRE 2410, ASA 101, ASA 200, ASA 210, ASA 700)","Uses strikethrough and underline formatting to indicate textual changes, which requires readers to mentally reconstruct the final text","References external documents: APES 110 Code of Ethics, Corporations Act 2001, AASB 101, and IAASB standards","Contains conditional logic in disclosure requirements (e.g., 'if the relevant ethical requirements require... then the statement shall indicate')","Technical terminology specific to auditing profession (e.g., 'unmodified conclusion', 'fair presentation framework', 'public interest entity')","Paragraph numbering system with cross-references (e.g., 'Ref: Para. A45') that assumes familiarity with the underlying standards' structure"],"plain_english_summary":"This patch makes technical updates to five Australian auditing standards to align terminology with international naming, harmonise spelling, and update the definition of a “complete set of financial statements.” Crucially, it requires auditors to disclose when they apply stricter independence rules for public interest entities in review engagements.\n\nIt affects registered company auditors, public interest entities (e.g. listed companies, banks) and users of audit/review reports by improving clarity and transparency."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/auasb-2025-8-amendments-to-auasb-standards","history":"/api/acts/auasb-2025-8-amendments-to-auasb-standards/history","analysis":"/api/acts/auasb-2025-8-amendments-to-auasb-standards/analysis","conflicts":"/api/acts/auasb-2025-8-amendments-to-auasb-standards/conflicts","importantCases":"/api/acts/auasb-2025-8-amendments-to-auasb-standards/important-cases","documents":"/api/acts/auasb-2025-8-amendments-to-auasb-standards/documents"}}