{"id":"F2021L01294","name":"Auditing Standard ASA 2021-3 Amendments to Australian Auditing Standards","slug":"auditing-standard-asa-2021-3-amendments-to-australian-auditing-standards","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102089,"registerId":"commonwealth-F2021L01294-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Auditing Standa","sectionType":"section","heading":"Obtaining a Copy of this Auditing Standard","content":"##### Obtaining a Copy of this Auditing Standard\n\nThis Auditing 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 BoardPodium Level 14, 530 Collins StreetMelbourne Victoria 3000AUSTRALIA | Phone: (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© 2021 Commonwealth of Australia. The text, graphics and layout of this Auditing 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 Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Otherwise, no part of this Auditing 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 1833-4393","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 Auditing Standard..................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to Auditing Standards..............................................7\n\nAmendments to ASA 200.......................................................8\n\nAmendments to ASA 700.......................................................9\\-15","sortOrder":3},{"sectionNumber":"preface","sectionType":"part","heading":"preface","content":"##### Obtaining a Copy of this Auditing Standard\n\nThis Auditing 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 BoardPodium Level 14, 530 Collins StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |\n| --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- |\n\n##### COPYRIGHT\n\n© 2021 Commonwealth of Australia. The text, graphics and layout of this Auditing 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 Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Otherwise, no part of this Auditing 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 1833-4393\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 Auditing Standard..................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to Auditing Standards..............................................7\n\nAmendments to ASA 200.......................................................8\n\nAmendments to ASA 700.......................................................9\\-15\n\n  \n\n# preface\n\n#### Reasons for Issuing ASA 2021-3\n\nThe Australian Auditing and Assurance Board (AUASB) issues Auditing Standard ASA 2021-3 Amendments to Australian Auditing Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB is a non\\-corporate Commonwealth entity of the Australian Government 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 Auditing Standard makes amendments to the requirements and application and other explanatory material of the following Auditing Standards:\n\nASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (issued October 2009 and amended to June 2020)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (issued December 2015 and amended to June 2020)\n\nThese amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards in September 2021. Under its mandate, the AUASB is required to maintain the quality and relevance of the Auditing Standards. Accordingly, amendments to existing Auditing Standards are made whenever necessary to correct editorial issues or to resolve conflicts between standards.\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-3 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 7 September 2021 W R Edge  \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).","sortOrder":4},{"sectionNumber":"Reasons for Issuing ASA 2021-3","sectionType":"subdivision","heading":"Reasons for Issuing ASA 2021-3","content":"#### Reasons for Issuing ASA 2021-3\n\nThe Australian Auditing and Assurance Board (AUASB) issues Auditing Standard ASA 2021-3 Amendments to Australian Auditing Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB is a non\\-corporate Commonwealth entity of the Australian Government 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 Auditing Standard makes amendments to the requirements and application and other explanatory material of the following Auditing Standards:\n\nASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (issued October 2009 and amended to June 2020)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (issued December 2015 and amended to June 2020)\n\nThese amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards in September 2021. Under its mandate, the AUASB is required to maintain the quality and relevance of the Auditing Standards. Accordingly, amendments to existing Auditing Standards are made whenever necessary to correct editorial issues or to resolve conflicts between standards.\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-3 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 7 September 2021 W R Edge  \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).","sortOrder":6},{"sectionNumber":"AUTHORITY STATEMENT","sectionType":"part","heading":"AUTHORITY STATEMENT","content":"## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-3 Amendments to Australian Auditing 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 Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).","sortOrder":8},{"sectionNumber":"Auditing Standard ASA 2021-3","sectionType":"part","heading":"Auditing Standard ASA 2021-3","content":"## Auditing Standard ASA 2021-3\n\n### Amendments to Australian Auditing Standards\n\n##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n2. This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n3. This Auditing Standard is operative for financial reporting periods commencing on or after 1 October 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n4. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards (September 2021).\n\n##### Objective\n\n5. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n\n(a) ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to June 2020)\n\n(b) ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to June 2020)\n\n##### Definition\n\n6. 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.\n\n##### Amendments to Auditing Standards\n\n7. This Standard uses underlining, striking out and other typographical material to identify some of 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.\n\n###### Amendments to ASA 200\n\n8. Existing paragraph A56 is amended to read as follows:\n\nThe scope, effective date and any specific limitation of the applicability of a specific Auditing Standard is made clear in the Auditing Standard. Unless otherwise stated in the Auditing Standard, the auditor is not permitted to apply an Auditing Standard before the effective date specified therein.\n\n###### Amendments to ASA 700\n\n9. The existing third paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following requirements are additional to ISA 700:\n\n-   Paragraph Aus 28.1(c) requires the auditor to identify the relevant ethical requirements applicable within Australia when providing the basis for opinion.\n-   Aus 42.1 requires that when the auditor elects to early adopt an Auditing Standard made under 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n-   …\n\n10. The existing fourth paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following application and other explanatory material is additional to ISA 700:\n\n-   Paragraph Aus A57.1 identifies the Auditing and Assurance Standards Board and its website address when an auditor refers to a description of the auditor’s responsibilities on a website.\n-   Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in the auditor’s report and includes a reference to ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report for further requirements and guidance relevant to Other Matter paragraphs.\n-   …\n\n11. Following existing paragraph 42, and before the sub-heading “Other Reporting Responsibilities”, the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n12. Following the sub-heading inserted above, the following paragraph Aus 42.1 is inserted:\n\nWhen the auditor elects to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n\n13. Following existing paragraph Aus A57.1, and before the sub-heading “Other Reporting Responsibilities (Ref: Para. 43-45)” the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n  \n\n14. Following the sub-heading inserted above, the following paragraph Aus A57.2 is inserted:\n\nUnless otherwise stated in an Auditing Standard, the auditor is permitted to apply the standard before the operative date specified therein. Where an Auditing Standard is early adopted, all relevant conforming and consequential amendments must also be early adopted.# Where the auditor elects to early adopt an Auditing Standard, the election may be recorded in the auditor’s report as an Other Matter paragraph. Refer to ASA 706 for requirements and guidance relevant to Other Matter paragraphs.\n\n15. A new footnote, referenced to paragraph Aus A57.2 of this Auditing Standard, is inserted to read as follows:\n\n# See ASA 200, paragraph A56 and ASA 101 Preamble to AUASB Standards, paragraphs A33-A35.","sortOrder":9},{"sectionNumber":"Amendments to Australian Auditing Standa","sectionType":"division","heading":"Amendments to Australian Auditing Standards","content":"## Auditing Standard ASA 2021-3\n\n### Amendments to Australian Auditing Standards\n\n##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n2. This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n3. This Auditing Standard is operative for financial reporting periods commencing on or after 1 October 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n4. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards (September 2021).\n\n##### Objective\n\n5. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n\n(a) ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to June 2020)\n\n(b) ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to June 2020)\n\n##### Definition\n\n6. 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.\n\n##### Amendments to Auditing Standards\n\n7. This Standard uses underlining, striking out and other typographical material to identify some of 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.\n\n###### Amendments to ASA 200\n\n8. Existing paragraph A56 is amended to read as follows:\n\nThe scope, effective date and any specific limitation of the applicability of a specific Auditing Standard is made clear in the Auditing Standard. Unless otherwise stated in the Auditing Standard, the auditor is not permitted to apply an Auditing Standard before the effective date specified therein.\n\n###### Amendments to ASA 700\n\n9. The existing third paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following requirements are additional to ISA 700:\n\n-   Paragraph Aus 28.1(c) requires the auditor to identify the relevant ethical requirements applicable within Australia when providing the basis for opinion.\n-   Aus 42.1 requires that when the auditor elects to early adopt an Auditing Standard made under 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n-   …\n\n10. The existing fourth paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following application and other explanatory material is additional to ISA 700:\n\n-   Paragraph Aus A57.1 identifies the Auditing and Assurance Standards Board and its website address when an auditor refers to a description of the auditor’s responsibilities on a website.\n-   Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in the auditor’s report and includes a reference to ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report for further requirements and guidance relevant to Other Matter paragraphs.\n-   …\n\n11. Following existing paragraph 42, and before the sub-heading “Other Reporting Responsibilities”, the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n12. Following the sub-heading inserted above, the following paragraph Aus 42.1 is inserted:\n\nWhen the auditor elects to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n\n13. Following existing paragraph Aus A57.1, and before the sub-heading “Other Reporting Responsibilities (Ref: Para. 43-45)” the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n  \n\n14. Following the sub-heading inserted above, the following paragraph Aus A57.2 is inserted:\n\nUnless otherwise stated in an Auditing Standard, the auditor is permitted to apply the standard before the operative date specified therein. Where an Auditing Standard is early adopted, all relevant conforming and consequential amendments must also be early adopted.# Where the auditor elects to early adopt an Auditing Standard, the election may be recorded in the auditor’s report as an Other Matter paragraph. Refer to ASA 706 for requirements and guidance relevant to Other Matter paragraphs.\n\n15. A new footnote, referenced to paragraph Aus A57.2 of this Auditing Standard, is inserted to read as follows:\n\n# See ASA 200, paragraph A56 and ASA 101 Preamble to AUASB Standards, paragraphs A33-A35.","sortOrder":10},{"sectionNumber":"Application","sectionType":"section","heading":"Application","content":"##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n2. This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.","sortOrder":11},{"sectionNumber":"Operative Date","sectionType":"section","heading":"Operative Date","content":"##### Operative Date\n\n3. This Auditing Standard is operative for financial reporting periods commencing on or after 1 October 2021.","sortOrder":12},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"## Auditing Standard ASA 2021-3\n\n### Amendments to Australian Auditing Standards\n\n##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n2. This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n3. This Auditing Standard is operative for financial reporting periods commencing on or after 1 October 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n4. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards (September 2021).\n\n##### Objective\n\n5. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n\n(a) ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to June 2020)\n\n(b) ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to June 2020)\n\n##### Definition\n\n6. 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.\n\n##### Amendments to Auditing Standards\n\n7. This Standard uses underlining, striking out and other typographical material to identify some of 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.\n\n###### Amendments to ASA 200\n\n8. Existing paragraph A56 is amended to read as follows:\n\nThe scope, effective date and any specific limitation of the applicability of a specific Auditing Standard is made clear in the Auditing Standard. Unless otherwise stated in the Auditing Standard, the auditor is not permitted to apply an Auditing Standard before the effective date specified therein.\n\n###### Amendments to ASA 700\n\n9. The existing third paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following requirements are additional to ISA 700:\n\n-   Paragraph Aus 28.1(c) requires the auditor to identify the relevant ethical requirements applicable within Australia when providing the basis for opinion.\n-   Aus 42.1 requires that when the auditor elects to early adopt an Auditing Standard made under 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n-   …\n\n10. The existing fourth paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following application and other explanatory material is additional to ISA 700:\n\n-   Paragraph Aus A57.1 identifies the Auditing and Assurance Standards Board and its website address when an auditor refers to a description of the auditor’s responsibilities on a website.\n-   Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in the auditor’s report and includes a reference to ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report for further requirements and guidance relevant to Other Matter paragraphs.\n-   …\n\n11. Following existing paragraph 42, and before the sub-heading “Other Reporting Responsibilities”, the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n12. Following the sub-heading inserted above, the following paragraph Aus 42.1 is inserted:\n\nWhen the auditor elects to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n\n13. Following existing paragraph Aus A57.1, and before the sub-heading “Other Reporting Responsibilities (Ref: Para. 43-45)” the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n  \n\n14. Following the sub-heading inserted above, the following paragraph Aus A57.2 is inserted:\n\nUnless otherwise stated in an Auditing Standard, the auditor is permitted to apply the standard before the operative date specified therein. Where an Auditing Standard is early adopted, all relevant conforming and consequential amendments must also be early adopted.# Where the auditor elects to early adopt an Auditing Standard, the election may be recorded in the auditor’s report as an Other Matter paragraph. Refer to ASA 706 for requirements and guidance relevant to Other Matter paragraphs.\n\n15. A new footnote, referenced to paragraph Aus A57.2 of this Auditing Standard, is inserted to read as follows:\n\n# See ASA 200, paragraph A56 and ASA 101 Preamble to AUASB Standards, paragraphs A33-A35.","sortOrder":13},{"sectionNumber":"Scope of this Auditing Standard","sectionType":"section","heading":"Scope of this Auditing Standard","content":"###### Scope of this Auditing Standard\n\n4. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments are consequential and conforming amendments arising from the issuance of the revised ASA 101 Preamble to AUASB Standards (September 2021).","sortOrder":14},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n5. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n\n(a) ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to June 2020)\n\n(b) ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to June 2020)","sortOrder":15},{"sectionNumber":"Definition","sectionType":"section","heading":"Definition","content":"##### Definition\n\n6. 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.","sortOrder":16},{"sectionNumber":"Amendments to Auditing Standards","sectionType":"section","heading":"Amendments to Auditing Standards","content":"##### Amendments to Auditing Standards\n\n7. This Standard uses underlining, striking out and other typographical material to identify some of 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.","sortOrder":17},{"sectionNumber":"Amendments to ASA 200","sectionType":"section","heading":"Amendments to ASA 200","content":"###### Amendments to ASA 200\n\n8. Existing paragraph A56 is amended to read as follows:\n\nThe scope, effective date and any specific limitation of the applicability of a specific Auditing Standard is made clear in the Auditing Standard. Unless otherwise stated in the Auditing Standard, the auditor is not permitted to apply an Auditing Standard before the effective date specified therein.","sortOrder":18},{"sectionNumber":"Amendments to ASA 700","sectionType":"section","heading":"Amendments to ASA 700","content":"###### Amendments to ASA 700\n\n9. The existing third paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following requirements are additional to ISA 700:\n\n-   Paragraph Aus 28.1(c) requires the auditor to identify the relevant ethical requirements applicable within Australia when providing the basis for opinion.\n-   Aus 42.1 requires that when the auditor elects to early adopt an Auditing Standard made under 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n-   …\n\n10. The existing fourth paragraph of “Conformity with International Standards on Auditing” is amended to read as follows:\n\nThe following application and other explanatory material is additional to ISA 700:\n\n-   Paragraph Aus A57.1 identifies the Auditing and Assurance Standards Board and its website address when an auditor refers to a description of the auditor’s responsibilities on a website.\n-   Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in the auditor’s report and includes a reference to ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report for further requirements and guidance relevant to Other Matter paragraphs.\n-   …\n\n11. Following existing paragraph 42, and before the sub-heading “Other Reporting Responsibilities”, the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n12. Following the sub-heading inserted above, the following paragraph Aus 42.1 is inserted:\n\nWhen the auditor elects to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.\n\n13. Following existing paragraph Aus A57.1, and before the sub-heading “Other Reporting Responsibilities (Ref: Para. 43-45)” the following sub-heading is inserted:\n\nEarly adoption of Auditing Standards\n\n  \n\n14. Following the sub-heading inserted above, the following paragraph Aus A57.2 is inserted:\n\nUnless otherwise stated in an Auditing Standard, the auditor is permitted to apply the standard before the operative date specified therein. Where an Auditing Standard is early adopted, all relevant conforming and consequential amendments must also be early adopted.# Where the auditor elects to early adopt an Auditing Standard, the election may be recorded in the auditor’s report as an Other Matter paragraph. Refer to ASA 706 for requirements and guidance relevant to Other Matter paragraphs.\n\n15. A new footnote, referenced to paragraph Aus A57.2 of this Auditing Standard, is inserted to read as follows:\n\n# See ASA 200, paragraph A56 and ASA 101 Preamble to AUASB Standards, paragraphs A33-A35.","sortOrder":19}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The Standard does not alter the substantive scope of audits. It makes consequential and conforming amendments to align ASA 200 and ASA 700 with the revised ASA 101, and adds procedural reporting requirements for early adoption (recording the election and adopting related amendments). These are procedural clarifications rather than changes to audit objectives or core requirements."},"complexity_factors":["Consequence/conforming nature: changes are editorial and consequential rather than substantive, reducing technical complexity.","Cross‑references to multiple standards and instruments (ASA 101, ASA 200, ASA 700, ASA 706) increase interpretive load.","Legal references to Corporations Act s.336 and AUASB legislative authority (ASIC Act, Corporations Act) introduce statutory linkage.","Insertion of new paragraphs, sub‑headings and a footnote requires careful application across existing auditor reporting guidance.","Operational effect on auditor reporting practice (recording early‑adoption elections and adopting all related amendments) creates procedural compliance steps.","Operative date and scope rules (permitting early application only as stated) require firms to coordinate timing of multiple amendments."],"plain_english_summary":"ASA 2021-3 makes technical, consequential amendments to ASA 200 and ASA 700 to align those standards with the revised ASA 101. It clarifies effective dates and adds a requirement that auditors who choose to early‑adopt a standard made under section 336 of the Corporations Act must record that election in the auditor’s report and adopt related conforming and consequential amendments. It applies to auditors of statutory and other financial reports; auditors (and indirectly their clients) will bear the compliance and reporting burden and decide whether to early‑adopt."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument remains strictly limited to its original purpose: making consequential amendments to align ASA 200 and ASA 700 with the revised ASA 101 Preamble. It does not expand the scope of auditing standards to new entities, industries, or types of engagements beyond what was already covered by the parent standards."},"complexity_factors":["Short, focused amendment instrument (15 operative paragraphs)","No new substantive audit procedures introduced—only consequential amendments","Heavy reliance on external context (requires knowledge of ASA 101, ASA 200, ASA 700, ASA 706, and sections 336(4) of the Corporations Act 2001)","Circular structure: amends standards that reference this standard, creating interdependencies","Uses typographical conventions (underlining, strikethrough) to show changes, but explicitly states these are not part of the legal text itself","Single defined concept (early adoption) but scattered across multiple amended standards"],"plain_english_summary":"ASA 2021-3 makes minor, technical edits to ASA 200 and ASA 700 to align them with the revised ASA 101, clarifies that auditors generally may not apply new standards before their operative date (unless a standard allows it), and requires disclosure when an auditor elects early adoption under the Corporations Act. It affects registered company auditors and users of audit reports, preserving consistency and transparency. Effective for years starting on or after 1 October 2021."}},"importantCases":[],"_links":{"self":"/api/acts/auditing-standard-asa-2021-3-amendments-to-australian-auditing-standards","history":"/api/acts/auditing-standard-asa-2021-3-amendments-to-australian-auditing-standards/history","analysis":"/api/acts/auditing-standard-asa-2021-3-amendments-to-australian-auditing-standards/analysis","conflicts":"/api/acts/auditing-standard-asa-2021-3-amendments-to-australian-auditing-standards/conflicts","importantCases":"/api/acts/auditing-standard-asa-2021-3-amendments-to-australian-auditing-standards/important-cases","documents":"/api/acts/auditing-standard-asa-2021-3-amendments-to-australian-auditing-standards/documents"}}