{"id":"F2021L01525","name":"Auditing Standard ASA 2021-5 Amendments to Australian Auditing Standards","slug":"auditing-standard-asa-2021-5-amendments-to-australian-auditing-standards","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102149,"registerId":"commonwealth-F2021L01525-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............................................7-8\n\nAmendments to ASA 101.....................................................9-11\n\nAmendments to ASA 200....................................................12-17\n\nAmendments to ASA 240......................................................18\n\nAmendments to ASA 330......................................................19\n\nAmendments to ASA 502....................................................20-21\n\nAmendments to ASA 540......................................................22\n\nAmendments to ASA 550......................................................23\n\nAmendments to ASA 560......................................................24\n\nAmendments to ASA 570......................................................25\n\nAmendments to ASA 610....................................................26-30\n\nAmendments to ASA 620......................................................31\n\nAmendments to ASA 710......................................................32\n\nAmendments to ASRE 2415....................................................33","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............................................7-8\n\nAmendments to ASA 101.....................................................9-11\n\nAmendments to ASA 200....................................................12-17\n\nAmendments to ASA 240......................................................18\n\nAmendments to ASA 330......................................................19\n\nAmendments to ASA 502....................................................20-21\n\nAmendments to ASA 540......................................................22\n\nAmendments to ASA 550......................................................23\n\nAmendments to ASA 560......................................................24\n\nAmendments to ASA 570......................................................25\n\nAmendments to ASA 610....................................................26-30\n\nAmendments to ASA 620......................................................31\n\nAmendments to ASA 710......................................................32\n\nAmendments to ASRE 2415....................................................33\n\n \n\n# preface\n\n#### Reasons for Issuing ASA 2021-5\n\nThe AUASB issues Auditing Standard ASA 2021-5 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 & other explanatory material of the following Auditing Standards:\n\nASA 101 Preamble to AUASB Standards (Issued 7 September 2021)\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 7 September 2021)\n\nASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)\n\nASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)\n\nASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)\n\nASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)\n\nASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)\n\nASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)\n\nASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)\n\nASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)\n\nASA 620 Using the Work of an Auditor’s Expert (Issued 27 October 2009 and amended to 30 June 2020)\n\nASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)\n\nASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)\n\nThe amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-5 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: 5 November 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 2021-5","sectionType":"subdivision","heading":"Reasons for Issuing ASA 2021-5","content":"#### Reasons for Issuing ASA 2021-5\n\nThe AUASB issues Auditing Standard ASA 2021-5 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 & other explanatory material of the following Auditing Standards:\n\nASA 101 Preamble to AUASB Standards (Issued 7 September 2021)\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 7 September 2021)\n\nASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)\n\nASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)\n\nASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)\n\nASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)\n\nASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)\n\nASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)\n\nASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)\n\nASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)\n\nASA 620 Using the Work of an Auditor’s Expert (Issued 27 October 2009 and amended to 30 June 2020)\n\nASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)\n\nASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)\n\nThe amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-5 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: 5 November 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 2021-5 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 2021-5","sectionType":"part","heading":"Auditing Standard ASA 2021-5","content":"## Auditing Standard ASA 2021-5\n\n### Amendments to Australian Auditing Standards\n\n##### Application\n\n1. This Auditing Standard applies to:\n\n- 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- an audit or a review of a financial report, or a complete set of financial statements, for any other purpose.\n\n1. This Auditing Standard also applies, as appropriate, to an audit or a review of other historical financial information.\n\n##### Operative Date\n\n1. This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.\n\n##### Objective\n\n1. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n 1. ASA 101 Preamble to AUASB Standards (Issued 7 September 2021)\n 2. 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 7 September 2021)\n 3. ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)\n 4. ASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)\n 5. ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)\n 6. ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)\n 7. ASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)\n 8. ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)\n 9. ASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)\n 10. ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)\n 11. ASA 620 Using the Work of an Auditor’s Expert (Issued 27 October 2009 and amended to 30 June 2020)\n 12. ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)\n 13. ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)\n\n##### Definition\n\n1. 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\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 ASA 101\n\n1. Existing footnote 12 in paragraph A3 is amended to read as follows:\n\nFor legislative purposes, ASRE 2410 and ASRE 2415 are included in legislation as “Auditing Standards”:.\n\n1. Existing footnote 25 in paragraph A16 is amended to read as follows:\n\nThe term “professional judgement” is defined in the AUASB Glossary in the context of different types of AUASB Standards. For assurance engagements, see Framework for Assurance Engagements, paragraphs 56-60. For related services engagements, see ASREASRS 4400, paragraphs 13(j) and 18.\n\n1. Existing paragraph A31 is amended to read as follows:\n\nThe “Application” paragraph in each Auditing Standard that refers to audits or reviews conducted in accordance with the Corporations Act applies specifically to:\n\n(d)(a) an audit or a review conducted under Part 2M.3 of the Act; and\n\n(e)(b) an audit conducted under Part 7.8 of the Act.\n\n \n\n###### Amendments to ASA 200\n\n1. Existing paragraph A3 is amended to read as follows:\n\nFor the purposes of the Australian Auditing Standards ASAs, a risk of material misstatement exists when there is a reasonable possibility of:\n\n1. …\n\n1. Existing footnote 19 in paragraph A44 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement.\n\n1. Existing footnote 21 in paragraph A46 is amended to read as follows:\n\nSee ASA 330, paragraph 6.\n\n1. Existing paragraph A64 is amended to read as follows:\n\nWhere necessary, the application and other explanatory material provides further explanation of the requirements of an Auditing Standard and guidance for carrying them out. In particular, it may:\n\n- Explain more precisely what a requirement means or is intended to cover, including in some Auditing Standards ASAs such as ASA 315, why a procedure is required.\n- Include examples of procedures that may be appropriate in the circumstances. In some Auditing Standards ASAs, such as ASA 315, examples are presented in boxes.\n\n…\n\n1. Existing paragraph A69 is amended to read as follows:\n\nScalability considerations have been included in some Auditing Standards ASAs (e.g., ASA 315), illustrating the application of the requirements to all entities regardless of whether their nature and circumstances are less complex or more complex. Less complex entities are entities for which the characteristics in paragraph A71 A66 may apply.\n\n1. Existing paragraph A73 is amended to read as follows:\n\nThe considerations specific to “automated tools and techniques” included in some Auditing Standards ASAs (for example, ASA 315) have been developed to explain how the auditor may apply certain requirements when using automated tools and techniques in performing audit procedures.\n\n###### Amendments to ASA 240\n\n1. Existing paragraph 17 is amended to read as follows:\n\nWhen performing risk assessment procedures and related activities to obtain an understanding of the entity and its environment, the applicable financial reporting framework and the entity’s system of internal control, required by ASA 315, the auditor shall perform the procedures in paragraphs 18-25 23-43 of this Auditing Standard to obtain information for use in identifying the risks of material misstatement due to fraud.\n\n###### Amendments to ASA 330\n\n1. As a result of the paragraph insertions by ASA 2020-1 Amendments to Australian Auditing Standards, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.\n\n###### Amendments to ASA 502\n\n1. The existing paragraph following existing sub-heading “Effective Date” is re-numbered and as a result, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.\n2. Existing paragraph 5 is amended to read as follows:\n\nIf:\n\n1. management refuses to give the auditor permission to communicate or meet with the entity’s external legal counsel, or the entity’s external legal counsel refuses to respond appropriately to the letter of enquiry, or is prohibited from responding; and (Ref: Para. Aus A8.7-Aus A8.8)\n2. …\n\n###### Amendments to ASA 540\n\n1. Existing paragraph 4 is amended to read as follows:\n\nThis Auditing Standard requires a separate assessment of inherent risk for identified risks of material misstatement at the assertion level.5 In the context of ASA 540 (Revised), and depending on the nature of a particular accounting estimate, the susceptibility of an assertion to a misstatement that could be material may be subject to or affected by estimation uncertainty, complexity, subjectivity or other inherent risk factors, and the interrelationship among them. As explained in ASA 200,6 inherent risk is higher for some assertions and related classes of transactions, account balances and disclosures than for others. Accordingly, the assessment of inherent risk depends on the degree to which the inherent risk factors affect the likelihood or magnitude of misstatement, and varies on a scale that is referred to in this Auditing Standard as the spectrum of inherent risk. (Ref: Para. A8–A9, A65–A66, Appendix 1)\n\n###### Amendments to ASA 550\n\n1. Existing footnote 11 in paragraph 23 is amended to read as follows:\n\nSee ASA 240, paragraph 3332(c).\n\n###### Amendments to ASA 560\n\n1. As a result of the deletion of paragraph Aus A3.1 by paragraph 160 of ASA 2015-1 Amendments to Australian Auditing Standards, references to this paragraph are updated accordingly.\n\n###### Amendments to ASA 570\n\nAmendments to ASA 570 Appendix 2: \\[Aus\\] Illustration 4A\n\n1. \\[Aus\\] Illustration 4A: Example Auditor’s Report for Disclaimer of Opinion (Limitation of Scope) Single listed Company-Corporations Act 2001 (Fair Presentation Framework), is amended as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAuditor’s Responsibilities for the Audit of the Financial Report\n\n\\[Reporting in accordance with ASA 700705 – see \\[Aus\\] Illustration 1A5 in ASA 700705.\\]\n\n###### Amendments to ASA 610\n\n1. Existing footnote 1 in paragraph 3 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (as amended).\n\n1. Existing footnote 3 in paragraph 7 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 13 in paragraph A4 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph 14(a).\n\n1. Existing footnote 25 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 26 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A11 in relation to ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report.\n\n###### Amendments to ASA 620\n\n1. Existing paragraph A4 is amended to read as follows:\n\nAn auditor’s expert may be needed to assist the auditor in one or more of the following:\n\n- Obtaining an understanding of the entity and its environment, the applicable financial reporting framework and the, entity’s system of internal control.\n\n###### Amendments to ASA 710\n\n1. Existing footnote 5 in paragraph 16 is amended to read as follows:\n\nSee ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report, paragraphs 8 and Aus A8.1 Aus 8.1.\n\n###### Amendments to ASRE 2415\n\n1. Existing paragraph 11 and footnote 4 are deleted.\n\n \n\n#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

The whole of this instrument

14 December 2021.

14 December 2021.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":9},{"sectionNumber":"Amendments to Australian Auditing Standa","sectionType":"division","heading":"Amendments to Australian Auditing Standards","content":"## Auditing Standard ASA 2021-5\n\n### Amendments to Australian Auditing Standards\n\n##### Application\n\n1. This Auditing Standard applies to:\n\n- 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- an audit or a review of a financial report, or a complete set of financial statements, for any other purpose.\n\n1. This Auditing Standard also applies, as appropriate, to an audit or a review of other historical financial information.\n\n##### Operative Date\n\n1. This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.\n\n##### Objective\n\n1. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n 1. ASA 101 Preamble to AUASB Standards (Issued 7 September 2021)\n 2. 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 7 September 2021)\n 3. ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)\n 4. ASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)\n 5. ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)\n 6. ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)\n 7. ASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)\n 8. ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)\n 9. ASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)\n 10. ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)\n 11. ASA 620 Using the Work of an Auditor’s Expert (Issued 27 October 2009 and amended to 30 June 2020)\n 12. ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)\n 13. ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)\n\n##### Definition\n\n1. 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\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 ASA 101\n\n1. Existing footnote 12 in paragraph A3 is amended to read as follows:\n\nFor legislative purposes, ASRE 2410 and ASRE 2415 are included in legislation as “Auditing Standards”:.\n\n1. Existing footnote 25 in paragraph A16 is amended to read as follows:\n\nThe term “professional judgement” is defined in the AUASB Glossary in the context of different types of AUASB Standards. For assurance engagements, see Framework for Assurance Engagements, paragraphs 56-60. For related services engagements, see ASREASRS 4400, paragraphs 13(j) and 18.\n\n1. Existing paragraph A31 is amended to read as follows:\n\nThe “Application” paragraph in each Auditing Standard that refers to audits or reviews conducted in accordance with the Corporations Act applies specifically to:\n\n(d)(a) an audit or a review conducted under Part 2M.3 of the Act; and\n\n(e)(b) an audit conducted under Part 7.8 of the Act.\n\n \n\n###### Amendments to ASA 200\n\n1. Existing paragraph A3 is amended to read as follows:\n\nFor the purposes of the Australian Auditing Standards ASAs, a risk of material misstatement exists when there is a reasonable possibility of:\n\n1. …\n\n1. Existing footnote 19 in paragraph A44 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement.\n\n1. Existing footnote 21 in paragraph A46 is amended to read as follows:\n\nSee ASA 330, paragraph 6.\n\n1. Existing paragraph A64 is amended to read as follows:\n\nWhere necessary, the application and other explanatory material provides further explanation of the requirements of an Auditing Standard and guidance for carrying them out. In particular, it may:\n\n- Explain more precisely what a requirement means or is intended to cover, including in some Auditing Standards ASAs such as ASA 315, why a procedure is required.\n- Include examples of procedures that may be appropriate in the circumstances. In some Auditing Standards ASAs, such as ASA 315, examples are presented in boxes.\n\n…\n\n1. Existing paragraph A69 is amended to read as follows:\n\nScalability considerations have been included in some Auditing Standards ASAs (e.g., ASA 315), illustrating the application of the requirements to all entities regardless of whether their nature and circumstances are less complex or more complex. Less complex entities are entities for which the characteristics in paragraph A71 A66 may apply.\n\n1. Existing paragraph A73 is amended to read as follows:\n\nThe considerations specific to “automated tools and techniques” included in some Auditing Standards ASAs (for example, ASA 315) have been developed to explain how the auditor may apply certain requirements when using automated tools and techniques in performing audit procedures.\n\n###### Amendments to ASA 240\n\n1. Existing paragraph 17 is amended to read as follows:\n\nWhen performing risk assessment procedures and related activities to obtain an understanding of the entity and its environment, the applicable financial reporting framework and the entity’s system of internal control, required by ASA 315, the auditor shall perform the procedures in paragraphs 18-25 23-43 of this Auditing Standard to obtain information for use in identifying the risks of material misstatement due to fraud.\n\n###### Amendments to ASA 330\n\n1. As a result of the paragraph insertions by ASA 2020-1 Amendments to Australian Auditing Standards, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.\n\n###### Amendments to ASA 502\n\n1. The existing paragraph following existing sub-heading “Effective Date” is re-numbered and as a result, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.\n2. Existing paragraph 5 is amended to read as follows:\n\nIf:\n\n1. management refuses to give the auditor permission to communicate or meet with the entity’s external legal counsel, or the entity’s external legal counsel refuses to respond appropriately to the letter of enquiry, or is prohibited from responding; and (Ref: Para. Aus A8.7-Aus A8.8)\n2. …\n\n###### Amendments to ASA 540\n\n1. Existing paragraph 4 is amended to read as follows:\n\nThis Auditing Standard requires a separate assessment of inherent risk for identified risks of material misstatement at the assertion level.5 In the context of ASA 540 (Revised), and depending on the nature of a particular accounting estimate, the susceptibility of an assertion to a misstatement that could be material may be subject to or affected by estimation uncertainty, complexity, subjectivity or other inherent risk factors, and the interrelationship among them. As explained in ASA 200,6 inherent risk is higher for some assertions and related classes of transactions, account balances and disclosures than for others. Accordingly, the assessment of inherent risk depends on the degree to which the inherent risk factors affect the likelihood or magnitude of misstatement, and varies on a scale that is referred to in this Auditing Standard as the spectrum of inherent risk. (Ref: Para. A8–A9, A65–A66, Appendix 1)\n\n###### Amendments to ASA 550\n\n1. Existing footnote 11 in paragraph 23 is amended to read as follows:\n\nSee ASA 240, paragraph 3332(c).\n\n###### Amendments to ASA 560\n\n1. As a result of the deletion of paragraph Aus A3.1 by paragraph 160 of ASA 2015-1 Amendments to Australian Auditing Standards, references to this paragraph are updated accordingly.\n\n###### Amendments to ASA 570\n\nAmendments to ASA 570 Appendix 2: \\[Aus\\] Illustration 4A\n\n1. \\[Aus\\] Illustration 4A: Example Auditor’s Report for Disclaimer of Opinion (Limitation of Scope) Single listed Company-Corporations Act 2001 (Fair Presentation Framework), is amended as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAuditor’s Responsibilities for the Audit of the Financial Report\n\n\\[Reporting in accordance with ASA 700705 – see \\[Aus\\] Illustration 1A5 in ASA 700705.\\]\n\n###### Amendments to ASA 610\n\n1. Existing footnote 1 in paragraph 3 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (as amended).\n\n1. Existing footnote 3 in paragraph 7 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 13 in paragraph A4 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph 14(a).\n\n1. Existing footnote 25 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 26 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A11 in relation to ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report.\n\n###### Amendments to ASA 620\n\n1. Existing paragraph A4 is amended to read as follows:\n\nAn auditor’s expert may be needed to assist the auditor in one or more of the following:\n\n- Obtaining an understanding of the entity and its environment, the applicable financial reporting framework and the, entity’s system of internal control.\n\n###### Amendments to ASA 710\n\n1. Existing footnote 5 in paragraph 16 is amended to read as follows:\n\nSee ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report, paragraphs 8 and Aus A8.1 Aus 8.1.\n\n###### Amendments to ASRE 2415\n\n1. Existing paragraph 11 and footnote 4 are deleted.\n\n \n\n#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

The whole of this instrument

14 December 2021.

14 December 2021.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":10},{"sectionNumber":"Application","sectionType":"section","heading":"Application","content":"##### Application\n\n1. This Auditing Standard applies to:\n\n- 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- an audit or a review of a financial report, or a complete set of financial statements, for any other purpose.\n\n1. This Auditing Standard also applies, as appropriate, to an audit or a review of other historical financial information.","sortOrder":11},{"sectionNumber":"Operative Date","sectionType":"section","heading":"Operative Date","content":"##### Operative Date\n\n1. This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2021.","sortOrder":12},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"## Auditing Standard ASA 2021-5\n\n### Amendments to Australian Auditing Standards\n\n##### Application\n\n1. This Auditing Standard applies to:\n\n- 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- an audit or a review of a financial report, or a complete set of financial statements, for any other purpose.\n\n1. This Auditing Standard also applies, as appropriate, to an audit or a review of other historical financial information.\n\n##### Operative Date\n\n1. This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.\n\n##### Objective\n\n1. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n 1. ASA 101 Preamble to AUASB Standards (Issued 7 September 2021)\n 2. 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 7 September 2021)\n 3. ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)\n 4. ASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)\n 5. ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)\n 6. ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)\n 7. ASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)\n 8. ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)\n 9. ASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)\n 10. ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)\n 11. ASA 620 Using the Work of an Auditor’s Expert (Issued 27 October 2009 and amended to 30 June 2020)\n 12. ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)\n 13. ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)\n\n##### Definition\n\n1. 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\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 ASA 101\n\n1. Existing footnote 12 in paragraph A3 is amended to read as follows:\n\nFor legislative purposes, ASRE 2410 and ASRE 2415 are included in legislation as “Auditing Standards”:.\n\n1. Existing footnote 25 in paragraph A16 is amended to read as follows:\n\nThe term “professional judgement” is defined in the AUASB Glossary in the context of different types of AUASB Standards. For assurance engagements, see Framework for Assurance Engagements, paragraphs 56-60. For related services engagements, see ASREASRS 4400, paragraphs 13(j) and 18.\n\n1. Existing paragraph A31 is amended to read as follows:\n\nThe “Application” paragraph in each Auditing Standard that refers to audits or reviews conducted in accordance with the Corporations Act applies specifically to:\n\n(d)(a) an audit or a review conducted under Part 2M.3 of the Act; and\n\n(e)(b) an audit conducted under Part 7.8 of the Act.\n\n \n\n###### Amendments to ASA 200\n\n1. Existing paragraph A3 is amended to read as follows:\n\nFor the purposes of the Australian Auditing Standards ASAs, a risk of material misstatement exists when there is a reasonable possibility of:\n\n1. …\n\n1. Existing footnote 19 in paragraph A44 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement.\n\n1. Existing footnote 21 in paragraph A46 is amended to read as follows:\n\nSee ASA 330, paragraph 6.\n\n1. Existing paragraph A64 is amended to read as follows:\n\nWhere necessary, the application and other explanatory material provides further explanation of the requirements of an Auditing Standard and guidance for carrying them out. In particular, it may:\n\n- Explain more precisely what a requirement means or is intended to cover, including in some Auditing Standards ASAs such as ASA 315, why a procedure is required.\n- Include examples of procedures that may be appropriate in the circumstances. In some Auditing Standards ASAs, such as ASA 315, examples are presented in boxes.\n\n…\n\n1. Existing paragraph A69 is amended to read as follows:\n\nScalability considerations have been included in some Auditing Standards ASAs (e.g., ASA 315), illustrating the application of the requirements to all entities regardless of whether their nature and circumstances are less complex or more complex. Less complex entities are entities for which the characteristics in paragraph A71 A66 may apply.\n\n1. Existing paragraph A73 is amended to read as follows:\n\nThe considerations specific to “automated tools and techniques” included in some Auditing Standards ASAs (for example, ASA 315) have been developed to explain how the auditor may apply certain requirements when using automated tools and techniques in performing audit procedures.\n\n###### Amendments to ASA 240\n\n1. Existing paragraph 17 is amended to read as follows:\n\nWhen performing risk assessment procedures and related activities to obtain an understanding of the entity and its environment, the applicable financial reporting framework and the entity’s system of internal control, required by ASA 315, the auditor shall perform the procedures in paragraphs 18-25 23-43 of this Auditing Standard to obtain information for use in identifying the risks of material misstatement due to fraud.\n\n###### Amendments to ASA 330\n\n1. As a result of the paragraph insertions by ASA 2020-1 Amendments to Australian Auditing Standards, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.\n\n###### Amendments to ASA 502\n\n1. The existing paragraph following existing sub-heading “Effective Date” is re-numbered and as a result, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.\n2. Existing paragraph 5 is amended to read as follows:\n\nIf:\n\n1. management refuses to give the auditor permission to communicate or meet with the entity’s external legal counsel, or the entity’s external legal counsel refuses to respond appropriately to the letter of enquiry, or is prohibited from responding; and (Ref: Para. Aus A8.7-Aus A8.8)\n2. …\n\n###### Amendments to ASA 540\n\n1. Existing paragraph 4 is amended to read as follows:\n\nThis Auditing Standard requires a separate assessment of inherent risk for identified risks of material misstatement at the assertion level.5 In the context of ASA 540 (Revised), and depending on the nature of a particular accounting estimate, the susceptibility of an assertion to a misstatement that could be material may be subject to or affected by estimation uncertainty, complexity, subjectivity or other inherent risk factors, and the interrelationship among them. As explained in ASA 200,6 inherent risk is higher for some assertions and related classes of transactions, account balances and disclosures than for others. Accordingly, the assessment of inherent risk depends on the degree to which the inherent risk factors affect the likelihood or magnitude of misstatement, and varies on a scale that is referred to in this Auditing Standard as the spectrum of inherent risk. (Ref: Para. A8–A9, A65–A66, Appendix 1)\n\n###### Amendments to ASA 550\n\n1. Existing footnote 11 in paragraph 23 is amended to read as follows:\n\nSee ASA 240, paragraph 3332(c).\n\n###### Amendments to ASA 560\n\n1. As a result of the deletion of paragraph Aus A3.1 by paragraph 160 of ASA 2015-1 Amendments to Australian Auditing Standards, references to this paragraph are updated accordingly.\n\n###### Amendments to ASA 570\n\nAmendments to ASA 570 Appendix 2: \\[Aus\\] Illustration 4A\n\n1. \\[Aus\\] Illustration 4A: Example Auditor’s Report for Disclaimer of Opinion (Limitation of Scope) Single listed Company-Corporations Act 2001 (Fair Presentation Framework), is amended as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAuditor’s Responsibilities for the Audit of the Financial Report\n\n\\[Reporting in accordance with ASA 700705 – see \\[Aus\\] Illustration 1A5 in ASA 700705.\\]\n\n###### Amendments to ASA 610\n\n1. Existing footnote 1 in paragraph 3 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (as amended).\n\n1. Existing footnote 3 in paragraph 7 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 13 in paragraph A4 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph 14(a).\n\n1. Existing footnote 25 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 26 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A11 in relation to ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report.\n\n###### Amendments to ASA 620\n\n1. Existing paragraph A4 is amended to read as follows:\n\nAn auditor’s expert may be needed to assist the auditor in one or more of the following:\n\n- Obtaining an understanding of the entity and its environment, the applicable financial reporting framework and the, entity’s system of internal control.\n\n###### Amendments to ASA 710\n\n1. Existing footnote 5 in paragraph 16 is amended to read as follows:\n\nSee ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report, paragraphs 8 and Aus A8.1 Aus 8.1.\n\n###### Amendments to ASRE 2415\n\n1. Existing paragraph 11 and footnote 4 are deleted.\n\n \n\n#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

The whole of this instrument

14 December 2021.

14 December 2021.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":13},{"sectionNumber":"Scope of this Auditing Standard","sectionType":"section","heading":"Scope of this Auditing Standard","content":"###### Scope of this Auditing Standard\n\n1. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.","sortOrder":14},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n1. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n 1. ASA 101 Preamble to AUASB Standards (Issued 7 September 2021)\n 2. 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 7 September 2021)\n 3. ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)\n 4. ASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)\n 5. ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)\n 6. ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)\n 7. ASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)\n 8. ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)\n 9. ASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)\n 10. ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)\n 11. ASA 620 Using the Work of an Auditor’s Expert (Issued 27 October 2009 and amended to 30 June 2020)\n 12. ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)\n 13. ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)","sortOrder":15},{"sectionNumber":"Definition","sectionType":"section","heading":"Definition","content":"##### Definition\n\n1. 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\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.","sortOrder":17},{"sectionNumber":"Amendments to ASA 101","sectionType":"section","heading":"Amendments to ASA 101","content":"###### Amendments to ASA 101\n\n1. Existing footnote 12 in paragraph A3 is amended to read as follows:\n\nFor legislative purposes, ASRE 2410 and ASRE 2415 are included in legislation as “Auditing Standards”:.\n\n1. Existing footnote 25 in paragraph A16 is amended to read as follows:\n\nThe term “professional judgement” is defined in the AUASB Glossary in the context of different types of AUASB Standards. For assurance engagements, see Framework for Assurance Engagements, paragraphs 56-60. For related services engagements, see ASREASRS 4400, paragraphs 13(j) and 18.\n\n1. Existing paragraph A31 is amended to read as follows:\n\nThe “Application” paragraph in each Auditing Standard that refers to audits or reviews conducted in accordance with the Corporations Act applies specifically to:\n\n(d)(a) an audit or a review conducted under Part 2M.3 of the Act; and\n\n(e)(b) an audit conducted under Part 7.8 of the Act.","sortOrder":18},{"sectionNumber":"Amendments to ASA 200","sectionType":"section","heading":"Amendments to ASA 200","content":"###### Amendments to ASA 200\n\n1. Existing paragraph A3 is amended to read as follows:\n\nFor the purposes of the Australian Auditing Standards ASAs, a risk of material misstatement exists when there is a reasonable possibility of:\n\n1. …\n\n1. Existing footnote 19 in paragraph A44 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement.\n\n1. Existing footnote 21 in paragraph A46 is amended to read as follows:\n\nSee ASA 330, paragraph 6.\n\n1. Existing paragraph A64 is amended to read as follows:\n\nWhere necessary, the application and other explanatory material provides further explanation of the requirements of an Auditing Standard and guidance for carrying them out. In particular, it may:\n\n- Explain more precisely what a requirement means or is intended to cover, including in some Auditing Standards ASAs such as ASA 315, why a procedure is required.\n- Include examples of procedures that may be appropriate in the circumstances. In some Auditing Standards ASAs, such as ASA 315, examples are presented in boxes.\n\n…\n\n1. Existing paragraph A69 is amended to read as follows:\n\nScalability considerations have been included in some Auditing Standards ASAs (e.g., ASA 315), illustrating the application of the requirements to all entities regardless of whether their nature and circumstances are less complex or more complex. Less complex entities are entities for which the characteristics in paragraph A71 A66 may apply.\n\n1. Existing paragraph A73 is amended to read as follows:\n\nThe considerations specific to “automated tools and techniques” included in some Auditing Standards ASAs (for example, ASA 315) have been developed to explain how the auditor may apply certain requirements when using automated tools and techniques in performing audit procedures.","sortOrder":19},{"sectionNumber":"Amendments to ASA 240","sectionType":"section","heading":"Amendments to ASA 240","content":"###### Amendments to ASA 240\n\n1. Existing paragraph 17 is amended to read as follows:\n\nWhen performing risk assessment procedures and related activities to obtain an understanding of the entity and its environment, the applicable financial reporting framework and the entity’s system of internal control, required by ASA 315, the auditor shall perform the procedures in paragraphs 18-25 23-43 of this Auditing Standard to obtain information for use in identifying the risks of material misstatement due to fraud.","sortOrder":20},{"sectionNumber":"Amendments to ASA 330","sectionType":"section","heading":"Amendments to ASA 330","content":"###### Amendments to ASA 330\n\n1. As a result of the paragraph insertions by ASA 2020-1 Amendments to Australian Auditing Standards, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.","sortOrder":21},{"sectionNumber":"Amendments to ASA 502","sectionType":"section","heading":"Amendments to ASA 502","content":"###### Amendments to ASA 502\n\n1. The existing paragraph following existing sub-heading “Effective Date” is re-numbered and as a result, subsequent paragraphs of this Auditing Standard are re-numbered and references to these paragraphs are updated accordingly.\n2. Existing paragraph 5 is amended to read as follows:\n\nIf:\n\n1. management refuses to give the auditor permission to communicate or meet with the entity’s external legal counsel, or the entity’s external legal counsel refuses to respond appropriately to the letter of enquiry, or is prohibited from responding; and (Ref: Para. Aus A8.7-Aus A8.8)\n2. …","sortOrder":22},{"sectionNumber":"Amendments to ASA 540","sectionType":"section","heading":"Amendments to ASA 540","content":"###### Amendments to ASA 540\n\n1. Existing paragraph 4 is amended to read as follows:\n\nThis Auditing Standard requires a separate assessment of inherent risk for identified risks of material misstatement at the assertion level.5 In the context of ASA 540 (Revised), and depending on the nature of a particular accounting estimate, the susceptibility of an assertion to a misstatement that could be material may be subject to or affected by estimation uncertainty, complexity, subjectivity or other inherent risk factors, and the interrelationship among them. As explained in ASA 200,6 inherent risk is higher for some assertions and related classes of transactions, account balances and disclosures than for others. Accordingly, the assessment of inherent risk depends on the degree to which the inherent risk factors affect the likelihood or magnitude of misstatement, and varies on a scale that is referred to in this Auditing Standard as the spectrum of inherent risk. (Ref: Para. A8–A9, A65–A66, Appendix 1)","sortOrder":23},{"sectionNumber":"Amendments to ASA 550","sectionType":"section","heading":"Amendments to ASA 550","content":"###### Amendments to ASA 550\n\n1. Existing footnote 11 in paragraph 23 is amended to read as follows:\n\nSee ASA 240, paragraph 3332(c).","sortOrder":24},{"sectionNumber":"Amendments to ASA 560","sectionType":"section","heading":"Amendments to ASA 560","content":"###### Amendments to ASA 560\n\n1. As a result of the deletion of paragraph Aus A3.1 by paragraph 160 of ASA 2015-1 Amendments to Australian Auditing Standards, references to this paragraph are updated accordingly.","sortOrder":25},{"sectionNumber":"Amendments to ASA 570","sectionType":"section","heading":"Amendments to ASA 570","content":"###### Amendments to ASA 570\n\nAmendments to ASA 570 Appendix 2: \\[Aus\\] Illustration 4A\n\n1. \\[Aus\\] Illustration 4A: Example Auditor’s Report for Disclaimer of Opinion (Limitation of Scope) Single listed Company-Corporations Act 2001 (Fair Presentation Framework), is amended as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAuditor’s Responsibilities for the Audit of the Financial Report\n\n\\[Reporting in accordance with ASA 700705 – see \\[Aus\\] Illustration 1A5 in ASA 700705.\\]","sortOrder":26},{"sectionNumber":"Amendments to ASA 610","sectionType":"section","heading":"Amendments to ASA 610","content":"###### Amendments to ASA 610\n\n1. Existing footnote 1 in paragraph 3 is amended to read as follows:\n\nSee ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (as amended).\n\n1. Existing footnote 3 in paragraph 7 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 13 in paragraph A4 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph 14(a).\n\n1. Existing footnote 25 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A118.\n\n1. Existing footnote 26 in paragraph A26 is amended to read as follows:\n\nSee ASA 315 (as amended), paragraph A11 in relation to ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report.","sortOrder":27},{"sectionNumber":"Amendments to ASA 620","sectionType":"section","heading":"Amendments to ASA 620","content":"###### Amendments to ASA 620\n\n1. Existing paragraph A4 is amended to read as follows:\n\nAn auditor’s expert may be needed to assist the auditor in one or more of the following:\n\n- Obtaining an understanding of the entity and its environment, the applicable financial reporting framework and the, entity’s system of internal control.","sortOrder":28},{"sectionNumber":"Amendments to ASA 710","sectionType":"section","heading":"Amendments to ASA 710","content":"###### Amendments to ASA 710\n\n1. Existing footnote 5 in paragraph 16 is amended to read as follows:\n\nSee ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report, paragraphs 8 and Aus A8.1 Aus 8.1.","sortOrder":29},{"sectionNumber":"Amendments to ASRE 2415","sectionType":"section","heading":"Amendments to ASRE 2415","content":"###### Amendments to ASRE 2415\n\n1. Existing paragraph 11 and footnote 4 are deleted.","sortOrder":30},{"sectionNumber":"Commencement of the legislative instrume","sectionType":"subdivision","heading":"Commencement of the legislative instrument","content":"#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

The whole of this instrument

14 December 2021.

14 December 2021.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":31}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a purely editorial amendment instrument. The scope remains exactly as intended—making technical corrections to existing standards without expanding or altering the substantive requirements of the auditing standards."},"complexity_factors":["Extensive cross-referencing to 13 other standards (ASA 101, 200, 240, 330, 502, 540, 550, 560, 570, 610, 620, 710 and ASRE 2415)","Multiple paragraph re-numbering cascades requiring updates to cross-references throughout the standards","Use of strike-through and underlining conventions to show deletions and insertions (though the final instrument removes these markers)","Technical auditing terminology requiring familiarity with the Australian Auditing Standards framework","Legislative instrument structure with commencement tables and authority statements"],"plain_english_summary":"This is a housekeeping amendment to 13 Australian auditing standards that corrects typos, fixes paragraph numbering and cross-references, updates footnotes, and removes one redundant paragraph. It doesn’t change audit policy or obligations but ensures the standards are accurate and internally consistent. \n\nIt affects registered company auditors and organisations (including ACNC-registered charities) subject to audit or review by removing ambiguity and preventing procedural confusion."},"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":2,"scope_assessment":{"changed":false,"description":"The amending standard does not broaden or change the substantive scope of the affected Auditing Standards. The instrument states it makes editorial corrections (misspellings, numbering, grammatical and cross‑reference fixes) and does not introduce new definitions or new auditing obligations (see \"Scope of this Auditing Standard\" and \"Definition\"). The only removal of content is the deletion of paragraph 11 and footnote 4 in ASRE 2415; this is a narrow editorial deletion rather than an expansion of scope. Overall, the amendments preserve the original purpose and obligations of the underlying standards."},"complexity_factors":["Amendments affect 13 separate Auditing Standards and one ASRE (multiple documents to update).","Several renumberings and cross‑reference updates (risk of transitional mismatch between old and new paragraph numbers).","Mostly limited to footnote, paragraph and wording corrections—no new definitions or substantive requirements introduced.","No added conditional logic or new exception hierarchies; changes are granular and editorial.","Operative/commencement information appears in a table; multiple dates are stated (instrument commencement 14 Dec 2021, operative for periods commencing on/after 15 Dec 2021)."],"plain_english_summary":"**What this instrument does (mechanically)\n\n- This is an AUASB amending standard (ASA 2021-5) that edits and corrects a set of existing Australian Auditing Standards. The changes are editorial — for example, corrected footnotes, paragraph numbering, minor wording fixes, deletion of one paragraph and footnote in ASRE 2415, and small clarifications of cross‑references. (See \"Scope of this Auditing Standard\" and \"Main Features\".)\n\n- It lists the specific standards amended: ASA 101, ASA 200, ASA 240, ASA 330, ASA 502, ASA 540, ASA 550, ASA 560, ASA 570, ASA 610, ASA 620, ASA 710 and ASRE 2415 (see \"Objective\").\n\n- It is operative for financial reporting periods commencing on or after 15 December 2021 (\"Operative Date\"). The commencement table records that the instrument itself commenced on 14 December 2021.\n\nWho is affected\n\n- Auditors and audit firms who apply Australian Auditing Standards (the ASAs) must update their working papers, templates and internal guidance to reflect the corrected footnotes, paragraph numbering and wording. (See the various \"Amendments to ...\" entries.)\n\n- Entities that are audited or reviewed under the Corporations Act 2001 (financial year, half‑year) are indirectly affected because their auditors will use the updated standards. The Application paragraph confirms coverage of audits/reviews under the Corporations Act and other purposes.\n\nWhy it matters (stated purpose, then an operational test)\n\n- The AUASB’s stated purpose for ASA 2021-5 is to revise minor inaccuracies (misspellings, numbering, grammatical mistakes) and to update cross‑references so the existing standards read correctly and consistently (\"Reasons for Issuing ASA 2021-5\"; \"Scope of this Auditing Standard\").\n\n- Testing that claim against practical effects: editorial corrections normally reduce ambiguity and the risk of misapplication, so they lower operational and legal risk for auditors. They do not introduce new auditing duties, definitions or substantive changes to audit methodology — the standard explicitly does not introduce new definitions (\"Definition\").\n\nWho pays, who decides, and what behaviour changes\n\n- Who decides: the AUASB issued the instrument under its statutory authority (see Authority Statement: made pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001).\n\n- Who pays: implementation costs fall on audit firms (time to review and update manuals, templates, engagement letters, training materials and report illustrations). Any cost to audited entities is indirect (time and information to support auditors), and is expected to be marginal.\n\n- Behaviour changes required: auditors must update references, adopt the corrected paragraph numbering and footnotes, replace any amended report illustrations (e.g., ASA 570 Appendix 2 illustration change) and ensure their procedures refer to the revised cross‑references (examples: ASA 240 paragraph 17 now points to paragraphs 23–43; ASA 502 paragraph 5 updates the legal‑counsel enquiry wording; ASA 610 and ASA 620 update references to ASA 315).\n\nTrade‑offs, risks and implementation considerations\n\n- Compliance burden: low. The amendments are editorial and do not change substantive requirements. The main burden is administrative (updating documentation and training staff to reference the corrected numbering and footnotes).\n\n- Implementation risk: small risk of transitional confusion where paragraph renumbering (and updated cross‑references) could cause temporary mismatch between older working papers or checklists and the updated standards. Audit firms should map old paragraph numbers to new ones in their documentation.\n\n- Opportunity cost and incentives: negligible. The corrections reduce legal uncertainty and ambiguity, which benefits auditors and audited entities by clarifying existing obligations; they do not create new compliance obligations that would materially change market behaviour.\n\n- Bureaucratic discretion: minimal. The instrument is corrective rather than normative; it does not create new discretionary powers or substantive interpretive rules.\n\nKey provisions to note (where to look)\n\n- Authority: \"Authority Statement\" (made under s227B ASIC Act and s336 Corporations Act).\n- Scope/purpose: \"Scope of this Auditing Standard\" and \"Objective\" (lists the amended standards and states the editorial nature of the changes).\n- Operative date: \"Operative Date\" (operative for periods commencing on or after 15 December 2021; commencement table records 14 December 2021 as the date the instrument commenced).\n- Representative substantive edits: ASA 240 para 17 renumbering (now refers to paras 23–43); ASA 502 para 5 wording about communications with external legal counsel; ASA 540 para 4 clarifying assessment of inherent risk for accounting estimates; ASA 610/ASA 620/ASA 200/ASA 101 — various footnote and cross‑reference corrections; ASRE 2415 — deletion of para 11 and footnote 4.\n\nBottom line\n\nThis instrument is a housekeeping amending standard. Its purpose is editorial correction and cross‑reference updating across multiple Auditing Standards. It requires low administrative work from auditors (updating materials and references) but does not change substantive auditing duties or definitions."}},"importantCases":[],"_links":{"self":"/api/acts/auditing-standard-asa-2021-5-amendments-to-australian-auditing-standards","history":"/api/acts/auditing-standard-asa-2021-5-amendments-to-australian-auditing-standards/history","analysis":"/api/acts/auditing-standard-asa-2021-5-amendments-to-australian-auditing-standards/analysis","conflicts":"/api/acts/auditing-standard-asa-2021-5-amendments-to-australian-auditing-standards/conflicts","importantCases":"/api/acts/auditing-standard-asa-2021-5-amendments-to-australian-auditing-standards/important-cases","documents":"/api/acts/auditing-standard-asa-2021-5-amendments-to-australian-auditing-standards/documents"}}