{"id":"F2023L00295","name":"Auditing Standard ASA 2023-1 Amendments to Australian Auditing Standards","slug":"auditing-standard-asa-2023-1-amendments-to-australian-auditing-standards","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":103948,"registerId":"commonwealth-F2023L00295-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 BoardLevel 20, 500 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© 2023 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 102.....................................................9-16\n\nAmendments to ASA 210......................................................17\n\nAmendments to ASA 510....................................................18-19\n\nAmendments to ASA 570....................................................20-23\n\nAmendments to ASA 580......................................................24\n\nAmendments to ASA 600....................................................25-26\n\nAmendments to ASA 700....................................................27-30\n\nAmendments to ASA 705....................................................31-35\n\nAmendments to ASA 706....................................................36-37\n\nAmendments to ASA 710....................................................38-43\n\nAmendments to ASA 720....................................................44-50","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 BoardLevel 20, 500 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© 2023 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 102.....................................................9-16\n\nAmendments to ASA 210......................................................17\n\nAmendments to ASA 510....................................................18-19\n\nAmendments to ASA 570....................................................20-23\n\nAmendments to ASA 580......................................................24\n\nAmendments to ASA 600....................................................25-26\n\nAmendments to ASA 700....................................................27-30\n\nAmendments to ASA 705....................................................31-35\n\nAmendments to ASA 706....................................................36-37\n\nAmendments to ASA 710....................................................38-43\n\nAmendments to ASA 720....................................................44-50\n\n  \n\n# preface\n\n#### Reasons for Issuing ASA 2023-1\n\nThe AUASB issues Auditing Standard ASA 2023-1 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 and appendices of the following Auditing Standards:\n\nASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)\n\nASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)\n\nASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)\n\nASA 570 Going Concern (Issued December 2015 and amended to November 2021)\n\nASA 580 Written Representations (Issued October 2009 and amended to December 2018)\n\nASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)\n\nASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n\nASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n\nASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued October 2009 and amended to November 2021)\n\nASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2021)\n\nThe amendments arise from changes made by the Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements; changes made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) and editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2023-1 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: 15 March 2023 W 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 2023-1","sectionType":"subdivision","heading":"Reasons for Issuing ASA 2023-1","content":"#### Reasons for Issuing ASA 2023-1\n\nThe AUASB issues Auditing Standard ASA 2023-1 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 and appendices of the following Auditing Standards:\n\nASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)\n\nASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)\n\nASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)\n\nASA 570 Going Concern (Issued December 2015 and amended to November 2021)\n\nASA 580 Written Representations (Issued October 2009 and amended to December 2018)\n\nASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)\n\nASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n\nASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n\nASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued October 2009 and amended to November 2021)\n\nASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2021)\n\nThe amendments arise from changes made by the Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements; changes made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) and editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2023-1 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: 15 March 2023 W 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 2023-1 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 2023-1","sectionType":"part","heading":"Auditing Standard ASA 2023-1","content":"## Auditing Standard ASA 2023-1\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\n1.  This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2023.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1.  This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent:\n    1.  changes arising from narrow-scope amendments made by the Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements;\n    2.  changes to ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements arising from amendments made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards); and\n    3.  editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.\n\n##### Objective\n\n1.  The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n    \n    1.  ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)\n    \n    1.  ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)\n    2.  ASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)\n    3.  ASA 570 Going Concern (Issued December 2015 and amended to November 2021)\n    4.  ASA 580 Written Representations (Issued October 2009 and amended to December 2018)\n    5.  ASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)\n    6.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)\n    7.  ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    8.  ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    9.  ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued October 2009 and amended to November 2021)\n    10.  ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2021)\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 102\n\n1.  Existing paragraph 5 is amended to read as follows:\n\nFor the purposes of this Auditing Standard, the following terms have the meanings attributed below:\n\n(a) …\n\n(c) Engagement quality control reviewer means engagement quality reviewer as defined in ASQM 1.\n\n(d) Firm means firm as defined in ASQM 1.\n\n(e) Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality reviewer and firm. In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) (in November 2018 incorporating all amendments to December 2022), the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.\n\n1.  Existing paragraph 6 and its heading are amended to read as follows:\n\nCompliance with Relevant Ethical Requirements (Ref: Para. A1-A7A6)\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.\n\n1.  Existing paragraph A1 is amended to read as follows:\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm are to have regard to the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board LimitedAPESB, which are to be taken into account in determining whether relevant ethical requirements referred to in paragraph 6 of this Auditing Standard have been met. In relation to audits and reviews undertaken in accordance with the Corporations Act 2001, the provisions of Division 3 Part 2M.4 of the Act may also apply\n\n1.  Existing paragraph A3 is amended to read as follows:\n\nAPES 110 provides a conceptual framework that establishes the approach which the auditor, assurance practitioner, engagement quality reviewer and firm are required to apply in order towhen identifying, evaluatinge and addressing threats to compliance with the fundamental principles.\n\n1.  Existing paragraph A4 is amended to read as follows:\n\nIn the case of audits, reviews and other assurance engagements, APES 110 sets out Independence Standards, established by the application of the conceptual framework to threats to independence in relation to those engagements. APES 110 specifies Independence Standards, which set out requirements and application material on how to apply the conceptual framework to maintain independence when performing audits, reviews or other assurance engagements. The auditor, assurance practitioner, engagement quality reviewer, and firm are required to comply with these standards in order to be independent when conducting such engagements. The conceptual framework to identify, evaluate and address threats to compliance with the fundamental principles applies in the same way to compliance with independence requirements.\n\n1.  Existing paragraph A5 is amended to read as follows:\n\nAPES 110 describes independence as comprising both independence of mind and independence in appearance. Independence safeguards the ability to form an assurance conclusion without being affected by influences that might compromise that conclusion. Independence allowsenhances the ability to act with integrity, to be objective and to maintain an attitude of professional scepticism.\n\n1.  Existing paragraph A6 is deleted and subsequent paragraphs of this Auditing Standard are renumbered and references to these paragraphs are updated accordingly.\n2.  Existing paragraph A7 is amended to read as follows:\n\nThe definition of terms in APES 110 may differ from the definitions of those terms in Australian AuditingAUASB Standards including terms defined in ASQM 1, ASA 200 and ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information.\n\nIn complying with the requirements of this Auditing Standard, the definitions used in APES 110 apply in so far as is necessary to interpret the ethical requirements of AUASB StandardsASQM 1, ASA 200 and ASA 220.\n\n###### Amendments to ASA 210\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nExample of an Audit Engagement Letter\n\n…\n\n\\[The objective and scope of the audit\\]\n\nYou23 have requested that we audit the financial report of ABC Company which comprises the statement of financial position as at 30 June 20X1 and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter.\n\n…\n\n###### Amendments to ASA 510\n\nAmendments to ASA 510 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 2A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is not prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 570\n\nAmendments to ASA 570 Appendix 2: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A and \\[Aus\\] Illustration 4A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an unmodified opinion when the auditor has concluded that a material uncertainty exists and disclosure in the financial report is adequate, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a qualified opinion when the auditor has concluded that a material uncertainty exists and that the financial report is materially misstated due to inadequate disclosure, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an adverse opinion when the auditor has concluded that a material uncertainty exists and the financial report omits the required disclosures relating to a material uncertainty, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a disclaimer of opinion (limitation of scope) when the auditor has been unable to obtain sufficient appropriate audit evidence about the company’s ability to continue as a going concern, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 580\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nList of Australian Auditing Standards Containing Requirements for Written Representations\n\n…\n\nASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of the Financial Report – paragraph 4039\n\nASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report – paragraph 1716\n\n…\n\nASA 502 Audit Evidence—Specific Considerations for Litigation and Claims – paragraph 76\n\n…\n\n###### Amendments to ASA 600\n\nAmendments to ASA 600 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 1A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 700\n\nAmendments to ASA 700 Appendix 1: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a listed company and its subsidiaries (Group) prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a fair presentation framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 4: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a general purpose compliance framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the balance sheet as at 30 June 20X1, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 705\n\nAmendments to ASA 705 Appendix: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A, Illustration 4 and Illustration 5\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to a material misstatement of the financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing an adverse opinion due to a material misstatement of the group financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence regarding a foreign associate - financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 4: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about a single element of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 5: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about multiple elements of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 706\n\n1.  Existing Appendix 3 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT THAT INCLUDES A KEY AUDIT MATTERS SECTION, AN EMPHASIS OF MATTER PARAGRAPH, AND AN OTHER MATTER PARAGRAPH\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT CONTAINING A QUALIFIED OPINION DUE TO A DEPARTURE FROM THE APPLICABLE FINANCIAL REPORTING FRAMEWORK AND THAT INCLUDES AN EMPHASIS OF MATTER PARAGRAPH\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 710\n\nAmendments to ASA 710 Appendix 1: Illustration 1, \\[Aus\\] Illustration 1A, Illustration 2, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  Illustration 1: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 2: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report, contains a reference to the predecessor auditor’s prior period auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  Illustration 4: An auditor’s report on the current period and prior period’s financial reports, containing a qualified opinion due to a material misstatement of the prior period financial report, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1 and 20X0, statement of comprehensive income, statement of changes in equity, statement of cash flows for the years then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n###### Amendments to ASA 720\n\nAmendments to ASA 720 \\[Aus\\] Appendix 3: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3, \\[Aus\\] Illustration 4A, \\[Aus\\] Illustration 5A, \\[Aus\\] Illustration 6A and \\[Aus\\] Illustration 7A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report of a listed company, containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has not identified a material misstatement of the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report of an entity other than a listed entity containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained no other information prior to the date of the auditor’s report but expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 5A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has concluded that a material misstatement of the other information exists, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 6A: An auditor’s report of a listed company containing a qualified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and there is a limitation of scope with respect to a material item in the financial report which also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 7A: An auditor’s report of a listed company containing an adverse opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and the adverse opinion on the financial report also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies and other explanatory information, and the directors’ declaration.\n\n…","sortOrder":9},{"sectionNumber":"Amendments to Australian Auditing Standa","sectionType":"division","heading":"Amendments to Australian Auditing Standards","content":"## Auditing Standard ASA 2023-1\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\n1.  This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2023.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1.  This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent:\n    1.  changes arising from narrow-scope amendments made by the Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements;\n    2.  changes to ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements arising from amendments made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards); and\n    3.  editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.\n\n##### Objective\n\n1.  The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n    \n    1.  ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)\n    \n    1.  ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)\n    2.  ASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)\n    3.  ASA 570 Going Concern (Issued December 2015 and amended to November 2021)\n    4.  ASA 580 Written Representations (Issued October 2009 and amended to December 2018)\n    5.  ASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)\n    6.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)\n    7.  ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    8.  ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    9.  ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued October 2009 and amended to November 2021)\n    10.  ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2021)\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 102\n\n1.  Existing paragraph 5 is amended to read as follows:\n\nFor the purposes of this Auditing Standard, the following terms have the meanings attributed below:\n\n(a) …\n\n(c) Engagement quality control reviewer means engagement quality reviewer as defined in ASQM 1.\n\n(d) Firm means firm as defined in ASQM 1.\n\n(e) Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality reviewer and firm. In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) (in November 2018 incorporating all amendments to December 2022), the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.\n\n1.  Existing paragraph 6 and its heading are amended to read as follows:\n\nCompliance with Relevant Ethical Requirements (Ref: Para. A1-A7A6)\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.\n\n1.  Existing paragraph A1 is amended to read as follows:\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm are to have regard to the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board LimitedAPESB, which are to be taken into account in determining whether relevant ethical requirements referred to in paragraph 6 of this Auditing Standard have been met. In relation to audits and reviews undertaken in accordance with the Corporations Act 2001, the provisions of Division 3 Part 2M.4 of the Act may also apply\n\n1.  Existing paragraph A3 is amended to read as follows:\n\nAPES 110 provides a conceptual framework that establishes the approach which the auditor, assurance practitioner, engagement quality reviewer and firm are required to apply in order towhen identifying, evaluatinge and addressing threats to compliance with the fundamental principles.\n\n1.  Existing paragraph A4 is amended to read as follows:\n\nIn the case of audits, reviews and other assurance engagements, APES 110 sets out Independence Standards, established by the application of the conceptual framework to threats to independence in relation to those engagements. APES 110 specifies Independence Standards, which set out requirements and application material on how to apply the conceptual framework to maintain independence when performing audits, reviews or other assurance engagements. The auditor, assurance practitioner, engagement quality reviewer, and firm are required to comply with these standards in order to be independent when conducting such engagements. The conceptual framework to identify, evaluate and address threats to compliance with the fundamental principles applies in the same way to compliance with independence requirements.\n\n1.  Existing paragraph A5 is amended to read as follows:\n\nAPES 110 describes independence as comprising both independence of mind and independence in appearance. Independence safeguards the ability to form an assurance conclusion without being affected by influences that might compromise that conclusion. Independence allowsenhances the ability to act with integrity, to be objective and to maintain an attitude of professional scepticism.\n\n1.  Existing paragraph A6 is deleted and subsequent paragraphs of this Auditing Standard are renumbered and references to these paragraphs are updated accordingly.\n2.  Existing paragraph A7 is amended to read as follows:\n\nThe definition of terms in APES 110 may differ from the definitions of those terms in Australian AuditingAUASB Standards including terms defined in ASQM 1, ASA 200 and ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information.\n\nIn complying with the requirements of this Auditing Standard, the definitions used in APES 110 apply in so far as is necessary to interpret the ethical requirements of AUASB StandardsASQM 1, ASA 200 and ASA 220.\n\n###### Amendments to ASA 210\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nExample of an Audit Engagement Letter\n\n…\n\n\\[The objective and scope of the audit\\]\n\nYou23 have requested that we audit the financial report of ABC Company which comprises the statement of financial position as at 30 June 20X1 and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter.\n\n…\n\n###### Amendments to ASA 510\n\nAmendments to ASA 510 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 2A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is not prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 570\n\nAmendments to ASA 570 Appendix 2: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A and \\[Aus\\] Illustration 4A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an unmodified opinion when the auditor has concluded that a material uncertainty exists and disclosure in the financial report is adequate, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a qualified opinion when the auditor has concluded that a material uncertainty exists and that the financial report is materially misstated due to inadequate disclosure, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an adverse opinion when the auditor has concluded that a material uncertainty exists and the financial report omits the required disclosures relating to a material uncertainty, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a disclaimer of opinion (limitation of scope) when the auditor has been unable to obtain sufficient appropriate audit evidence about the company’s ability to continue as a going concern, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 580\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nList of Australian Auditing Standards Containing Requirements for Written Representations\n\n…\n\nASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of the Financial Report – paragraph 4039\n\nASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report – paragraph 1716\n\n…\n\nASA 502 Audit Evidence—Specific Considerations for Litigation and Claims – paragraph 76\n\n…\n\n###### Amendments to ASA 600\n\nAmendments to ASA 600 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 1A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 700\n\nAmendments to ASA 700 Appendix 1: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a listed company and its subsidiaries (Group) prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a fair presentation framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 4: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a general purpose compliance framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the balance sheet as at 30 June 20X1, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 705\n\nAmendments to ASA 705 Appendix: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A, Illustration 4 and Illustration 5\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to a material misstatement of the financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing an adverse opinion due to a material misstatement of the group financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence regarding a foreign associate - financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 4: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about a single element of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 5: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about multiple elements of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 706\n\n1.  Existing Appendix 3 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT THAT INCLUDES A KEY AUDIT MATTERS SECTION, AN EMPHASIS OF MATTER PARAGRAPH, AND AN OTHER MATTER PARAGRAPH\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT CONTAINING A QUALIFIED OPINION DUE TO A DEPARTURE FROM THE APPLICABLE FINANCIAL REPORTING FRAMEWORK AND THAT INCLUDES AN EMPHASIS OF MATTER PARAGRAPH\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 710\n\nAmendments to ASA 710 Appendix 1: Illustration 1, \\[Aus\\] Illustration 1A, Illustration 2, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  Illustration 1: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 2: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report, contains a reference to the predecessor auditor’s prior period auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  Illustration 4: An auditor’s report on the current period and prior period’s financial reports, containing a qualified opinion due to a material misstatement of the prior period financial report, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1 and 20X0, statement of comprehensive income, statement of changes in equity, statement of cash flows for the years then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n###### Amendments to ASA 720\n\nAmendments to ASA 720 \\[Aus\\] Appendix 3: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3, \\[Aus\\] Illustration 4A, \\[Aus\\] Illustration 5A, \\[Aus\\] Illustration 6A and \\[Aus\\] Illustration 7A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report of a listed company, containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has not identified a material misstatement of the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report of an entity other than a listed entity containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained no other information prior to the date of the auditor’s report but expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 5A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has concluded that a material misstatement of the other information exists, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 6A: An auditor’s report of a listed company containing a qualified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and there is a limitation of scope with respect to a material item in the financial report which also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 7A: An auditor’s report of a listed company containing an adverse opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and the adverse opinion on the financial report also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies and other explanatory information, and the directors’ declaration.\n\n…","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\n1.  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\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2023.","sortOrder":12},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"## Auditing Standard ASA 2023-1\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\n1.  This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2023.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1.  This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent:\n    1.  changes arising from narrow-scope amendments made by the Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements;\n    2.  changes to ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements arising from amendments made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards); and\n    3.  editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.\n\n##### Objective\n\n1.  The objective of this Auditing Standard is to make amendments to the following Auditing Standards:\n    \n    1.  ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)\n    \n    1.  ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)\n    2.  ASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)\n    3.  ASA 570 Going Concern (Issued December 2015 and amended to November 2021)\n    4.  ASA 580 Written Representations (Issued October 2009 and amended to December 2018)\n    5.  ASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)\n    6.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)\n    7.  ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    8.  ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    9.  ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued October 2009 and amended to November 2021)\n    10.  ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2021)\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 102\n\n1.  Existing paragraph 5 is amended to read as follows:\n\nFor the purposes of this Auditing Standard, the following terms have the meanings attributed below:\n\n(a) …\n\n(c) Engagement quality control reviewer means engagement quality reviewer as defined in ASQM 1.\n\n(d) Firm means firm as defined in ASQM 1.\n\n(e) Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality reviewer and firm. In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) (in November 2018 incorporating all amendments to December 2022), the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.\n\n1.  Existing paragraph 6 and its heading are amended to read as follows:\n\nCompliance with Relevant Ethical Requirements (Ref: Para. A1-A7A6)\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.\n\n1.  Existing paragraph A1 is amended to read as follows:\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm are to have regard to the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board LimitedAPESB, which are to be taken into account in determining whether relevant ethical requirements referred to in paragraph 6 of this Auditing Standard have been met. In relation to audits and reviews undertaken in accordance with the Corporations Act 2001, the provisions of Division 3 Part 2M.4 of the Act may also apply\n\n1.  Existing paragraph A3 is amended to read as follows:\n\nAPES 110 provides a conceptual framework that establishes the approach which the auditor, assurance practitioner, engagement quality reviewer and firm are required to apply in order towhen identifying, evaluatinge and addressing threats to compliance with the fundamental principles.\n\n1.  Existing paragraph A4 is amended to read as follows:\n\nIn the case of audits, reviews and other assurance engagements, APES 110 sets out Independence Standards, established by the application of the conceptual framework to threats to independence in relation to those engagements. APES 110 specifies Independence Standards, which set out requirements and application material on how to apply the conceptual framework to maintain independence when performing audits, reviews or other assurance engagements. The auditor, assurance practitioner, engagement quality reviewer, and firm are required to comply with these standards in order to be independent when conducting such engagements. The conceptual framework to identify, evaluate and address threats to compliance with the fundamental principles applies in the same way to compliance with independence requirements.\n\n1.  Existing paragraph A5 is amended to read as follows:\n\nAPES 110 describes independence as comprising both independence of mind and independence in appearance. Independence safeguards the ability to form an assurance conclusion without being affected by influences that might compromise that conclusion. Independence allowsenhances the ability to act with integrity, to be objective and to maintain an attitude of professional scepticism.\n\n1.  Existing paragraph A6 is deleted and subsequent paragraphs of this Auditing Standard are renumbered and references to these paragraphs are updated accordingly.\n2.  Existing paragraph A7 is amended to read as follows:\n\nThe definition of terms in APES 110 may differ from the definitions of those terms in Australian AuditingAUASB Standards including terms defined in ASQM 1, ASA 200 and ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information.\n\nIn complying with the requirements of this Auditing Standard, the definitions used in APES 110 apply in so far as is necessary to interpret the ethical requirements of AUASB StandardsASQM 1, ASA 200 and ASA 220.\n\n###### Amendments to ASA 210\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nExample of an Audit Engagement Letter\n\n…\n\n\\[The objective and scope of the audit\\]\n\nYou23 have requested that we audit the financial report of ABC Company which comprises the statement of financial position as at 30 June 20X1 and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter.\n\n…\n\n###### Amendments to ASA 510\n\nAmendments to ASA 510 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 2A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is not prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 570\n\nAmendments to ASA 570 Appendix 2: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A and \\[Aus\\] Illustration 4A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an unmodified opinion when the auditor has concluded that a material uncertainty exists and disclosure in the financial report is adequate, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a qualified opinion when the auditor has concluded that a material uncertainty exists and that the financial report is materially misstated due to inadequate disclosure, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an adverse opinion when the auditor has concluded that a material uncertainty exists and the financial report omits the required disclosures relating to a material uncertainty, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a disclaimer of opinion (limitation of scope) when the auditor has been unable to obtain sufficient appropriate audit evidence about the company’s ability to continue as a going concern, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 580\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nList of Australian Auditing Standards Containing Requirements for Written Representations\n\n…\n\nASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of the Financial Report – paragraph 4039\n\nASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report – paragraph 1716\n\n…\n\nASA 502 Audit Evidence—Specific Considerations for Litigation and Claims – paragraph 76\n\n…\n\n###### Amendments to ASA 600\n\nAmendments to ASA 600 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 1A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n###### Amendments to ASA 700\n\nAmendments to ASA 700 Appendix 1: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a listed company and its subsidiaries (Group) prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a fair presentation framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 4: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a general purpose compliance framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the balance sheet as at 30 June 20X1, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 705\n\nAmendments to ASA 705 Appendix: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A, Illustration 4 and Illustration 5\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to a material misstatement of the financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing an adverse opinion due to a material misstatement of the group financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence regarding a foreign associate - financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 4: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about a single element of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 5: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about multiple elements of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 706\n\n1.  Existing Appendix 3 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT THAT INCLUDES A KEY AUDIT MATTERS SECTION, AN EMPHASIS OF MATTER PARAGRAPH, AND AN OTHER MATTER PARAGRAPH\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT CONTAINING A QUALIFIED OPINION DUE TO A DEPARTURE FROM THE APPLICABLE FINANCIAL REPORTING FRAMEWORK AND THAT INCLUDES AN EMPHASIS OF MATTER PARAGRAPH\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n###### Amendments to ASA 710\n\nAmendments to ASA 710 Appendix 1: Illustration 1, \\[Aus\\] Illustration 1A, Illustration 2, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  Illustration 1: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 2: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report, contains a reference to the predecessor auditor’s prior period auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  Illustration 4: An auditor’s report on the current period and prior period’s financial reports, containing a qualified opinion due to a material misstatement of the prior period financial report, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1 and 20X0, statement of comprehensive income, statement of changes in equity, statement of cash flows for the years then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n###### Amendments to ASA 720\n\nAmendments to ASA 720 \\[Aus\\] Appendix 3: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3, \\[Aus\\] Illustration 4A, \\[Aus\\] Illustration 5A, \\[Aus\\] Illustration 6A and \\[Aus\\] Illustration 7A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report of a listed company, containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has not identified a material misstatement of the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report of an entity other than a listed entity containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained no other information prior to the date of the auditor’s report but expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 5A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has concluded that a material misstatement of the other information exists, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 6A: An auditor’s report of a listed company containing a qualified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and there is a limitation of scope with respect to a material item in the financial report which also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 7A: An auditor’s report of a listed company containing an adverse opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and the adverse opinion on the financial report also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies and other explanatory information, and the directors’ declaration.\n\n…","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:\n    1.  changes arising from narrow-scope amendments made by the Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements;\n    2.  changes to ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements arising from amendments made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards); and\n    3.  editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.","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    \n    1.  ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)\n    \n    1.  ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)\n    2.  ASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)\n    3.  ASA 570 Going Concern (Issued December 2015 and amended to November 2021)\n    4.  ASA 580 Written Representations (Issued October 2009 and amended to December 2018)\n    5.  ASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)\n    6.  ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)\n    7.  ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    8.  ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)\n    9.  ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued October 2009 and amended to November 2021)\n    10.  ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2021)","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 102","sectionType":"section","heading":"Amendments to ASA 102","content":"###### Amendments to ASA 102\n\n1.  Existing paragraph 5 is amended to read as follows:\n\nFor the purposes of this Auditing Standard, the following terms have the meanings attributed below:\n\n(a) …\n\n(c) Engagement quality control reviewer means engagement quality reviewer as defined in ASQM 1.\n\n(d) Firm means firm as defined in ASQM 1.\n\n(e) Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality reviewer and firm. In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) (in November 2018 incorporating all amendments to December 2022), the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.\n\n1.  Existing paragraph 6 and its heading are amended to read as follows:\n\nCompliance with Relevant Ethical Requirements (Ref: Para. A1-A7A6)\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.\n\n1.  Existing paragraph A1 is amended to read as follows:\n\nThe auditor, assurance practitioner, engagement quality reviewer, and firm are to have regard to the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board LimitedAPESB, which are to be taken into account in determining whether relevant ethical requirements referred to in paragraph 6 of this Auditing Standard have been met. In relation to audits and reviews undertaken in accordance with the Corporations Act 2001, the provisions of Division 3 Part 2M.4 of the Act may also apply\n\n1.  Existing paragraph A3 is amended to read as follows:\n\nAPES 110 provides a conceptual framework that establishes the approach which the auditor, assurance practitioner, engagement quality reviewer and firm are required to apply in order towhen identifying, evaluatinge and addressing threats to compliance with the fundamental principles.\n\n1.  Existing paragraph A4 is amended to read as follows:\n\nIn the case of audits, reviews and other assurance engagements, APES 110 sets out Independence Standards, established by the application of the conceptual framework to threats to independence in relation to those engagements. APES 110 specifies Independence Standards, which set out requirements and application material on how to apply the conceptual framework to maintain independence when performing audits, reviews or other assurance engagements. The auditor, assurance practitioner, engagement quality reviewer, and firm are required to comply with these standards in order to be independent when conducting such engagements. The conceptual framework to identify, evaluate and address threats to compliance with the fundamental principles applies in the same way to compliance with independence requirements.\n\n1.  Existing paragraph A5 is amended to read as follows:\n\nAPES 110 describes independence as comprising both independence of mind and independence in appearance. Independence safeguards the ability to form an assurance conclusion without being affected by influences that might compromise that conclusion. Independence allowsenhances the ability to act with integrity, to be objective and to maintain an attitude of professional scepticism.\n\n1.  Existing paragraph A6 is deleted and subsequent paragraphs of this Auditing Standard are renumbered and references to these paragraphs are updated accordingly.\n2.  Existing paragraph A7 is amended to read as follows:\n\nThe definition of terms in APES 110 may differ from the definitions of those terms in Australian AuditingAUASB Standards including terms defined in ASQM 1, ASA 200 and ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information.\n\nIn complying with the requirements of this Auditing Standard, the definitions used in APES 110 apply in so far as is necessary to interpret the ethical requirements of AUASB StandardsASQM 1, ASA 200 and ASA 220.","sortOrder":18},{"sectionNumber":"Amendments to ASA 210","sectionType":"section","heading":"Amendments to ASA 210","content":"###### Amendments to ASA 210\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nExample of an Audit Engagement Letter\n\n…\n\n\\[The objective and scope of the audit\\]\n\nYou23 have requested that we audit the financial report of ABC Company which comprises the statement of financial position as at 30 June 20X1 and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter.\n\n…","sortOrder":19},{"sectionNumber":"Amendments to ASA 510","sectionType":"section","heading":"Amendments to ASA 510","content":"###### Amendments to ASA 510\n\nAmendments to ASA 510 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 2A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is not prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing a qualified opinion due to the inability of the auditor to obtain sufficient appropriate audit evidence regarding opening balances—the financial report is prepared under the Corporations Act 2001, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…","sortOrder":20},{"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 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A and \\[Aus\\] Illustration 4A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an unmodified opinion when the auditor has concluded that a material uncertainty exists and disclosure in the financial report is adequate, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a qualified opinion when the auditor has concluded that a material uncertainty exists and that the financial report is materially misstated due to inadequate disclosure, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing an adverse opinion when the auditor has concluded that a material uncertainty exists and the financial report omits the required disclosures relating to a material uncertainty, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 containing a disclaimer of opinion (limitation of scope) when the auditor has been unable to obtain sufficient appropriate audit evidence about the company’s ability to continue as a going concern, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…","sortOrder":21},{"sectionNumber":"Amendments to ASA 580","sectionType":"section","heading":"Amendments to ASA 580","content":"###### Amendments to ASA 580\n\n1.  Existing Appendix 1 is amended to read as follows:\n\nList of Australian Auditing Standards Containing Requirements for Written Representations\n\n…\n\nASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of the Financial Report – paragraph 4039\n\nASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report – paragraph 1716\n\n…\n\nASA 502 Audit Evidence—Specific Considerations for Litigation and Claims – paragraph 76\n\n…","sortOrder":22},{"sectionNumber":"Amendments to ASA 600","sectionType":"section","heading":"Amendments to ASA 600","content":"###### Amendments to ASA 600\n\nAmendments to ASA 600 Appendix 1: Illustration 1 and \\[Aus\\] Illustration 1A\n\n1.  Illustration 1: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…","sortOrder":23},{"sectionNumber":"Amendments to ASA 700","sectionType":"section","heading":"Amendments to ASA 700","content":"###### Amendments to ASA 700\n\nAmendments to ASA 700 Appendix 1: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a financial report of a listed company and its subsidiaries (Group) prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a fair presentation framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 4: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a general purpose compliance framework, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the balance sheet as at 30 June 20X1, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…","sortOrder":24},{"sectionNumber":"Amendments to ASA 705","sectionType":"section","heading":"Amendments to ASA 705","content":"###### Amendments to ASA 705\n\nAmendments to ASA 705 Appendix: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, \\[Aus\\] Illustration 3A, Illustration 4 and Illustration 5\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report containing a qualified opinion due to a material misstatement of the financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report containing an adverse opinion due to a material misstatement of the group financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 3A: An auditor’s report containing a qualified opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence regarding a foreign associate - financial report prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 4: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about a single element of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…\n\n1.  Illustration 5: An auditor’s report containing a disclaimer of opinion due to the auditor’s inability to obtain sufficient appropriate audit evidence about multiple elements of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nDisclaimer of Opinion\n\nWe were engaged to audit the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…","sortOrder":25},{"sectionNumber":"Amendments to ASA 706","sectionType":"section","heading":"Amendments to ASA 706","content":"###### Amendments to ASA 706\n\n1.  Existing Appendix 3 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT THAT INCLUDES A KEY AUDIT MATTERS SECTION, AN EMPHASIS OF MATTER PARAGRAPH, AND AN OTHER MATTER PARAGRAPH\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Existing Appendix 4 is amended to read as follows:\n\nILLUSTRATION OF AN AUDITOR’S REPORT CONTAINING A QUALIFIED OPINION DUE TO A DEPARTURE FROM THE APPLICABLE FINANCIAL REPORTING FRAMEWORK AND THAT INCLUDES AN EMPHASIS OF MATTER PARAGRAPH\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.#\n\n…","sortOrder":26},{"sectionNumber":"Amendments to ASA 710","sectionType":"section","heading":"Amendments to ASA 710","content":"###### Amendments to ASA 710\n\nAmendments to ASA 710 Appendix 1: Illustration 1, \\[Aus\\] Illustration 1A, Illustration 2, \\[Aus\\] Illustration 2A, Illustration 3 and Illustration 4\n\n1.  Illustration 1: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period’s financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 2: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report. (under the Corporations Act 2001), is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report on a financial report, contains a reference to the predecessor auditor’s prior period auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…\n\n1.  Illustration 4: An auditor’s report on the current period and prior period’s financial reports, containing a qualified opinion due to a material misstatement of the prior period financial report, which impact the current period’s financial report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1 and 20X0, statement of comprehensive income, statement of changes in equity, statement of cash flows for the years then ended, and notes to the financial statements, including material accounting policy information a summary of significant accounting policies, and the declaration by those charged with governance.\\*\n\n…","sortOrder":27},{"sectionNumber":"Amendments to ASA 720","sectionType":"section","heading":"Amendments to ASA 720","content":"###### Amendments to ASA 720\n\nAmendments to ASA 720 \\[Aus\\] Appendix 3: \\[Aus\\] Illustration 1A, \\[Aus\\] Illustration 2A, Illustration 3, \\[Aus\\] Illustration 4A, \\[Aus\\] Illustration 5A, \\[Aus\\] Illustration 6A and \\[Aus\\] Illustration 7A\n\n1.  \\[Aus\\] Illustration 1A: An auditor’s report of a listed company, containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has not identified a material misstatement of the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 2A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  Illustration 3: An auditor’s report of an entity other than a listed entity containing an unmodified opinion when the auditor has obtained part of the other information prior to the date of the auditor’s report, has not identified a material misstatement of the other information, and expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the declaration by those charged with governance.\\*\n\n…\n\n1.  \\[Aus\\] Illustration 4A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained no other information prior to the date of the auditor’s report but expects to obtain other information after the date of the auditor’s report, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 5A: An auditor’s report of a listed company containing an unmodified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and has concluded that a material misstatement of the other information exists, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nOpinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 6A: An auditor’s report of a listed company containing a qualified opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and there is a limitation of scope with respect to a material item in the financial report which also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nQualified Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information,a summary of significant accounting policies and the directors’ declaration.\n\n…\n\n1.  \\[Aus\\] Illustration 7A: An auditor’s report of a listed company containing an adverse opinion when the auditor has obtained all of the other information prior to the date of the auditor's report and the adverse opinion on the financial report also affects the other information, is amended to read as follows:\n\nINDEPENDENT AUDITOR’S REPORT\n\n…\n\nAdverse Opinion\n\nWe have audited the financial report of ABC Company Ltd., (the Company), and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements including material accounting policy information a summary of significant accounting policies and other explanatory information, and the directors’ declaration.\n\n…","sortOrder":28}],"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 amending Standard remains within its original, narrow remit: it aligns AUASB auditing standards with recent narrow amendments made by the AASB to AASB 101 and by the APESB to APES 110, and it corrects editorial errors. It does not broaden the substantive ambit of auditing regulation (no new auditing requirements or definitions are added). The principal change is to wording, cross‑references and illustrative material rather than to the scope of audit obligations."},"complexity_factors":["Amendments affect 11 distinct Auditing Standards (ASA 102, 210, 510, 570, 580, 600, 700, 705, 706, 710, 720).","Numerous appendices and illustrative auditor report examples updated across those Standards (dozens of illustrations).","Cross‑references to external standards and documents: AASB 101, APES 110 (including amendments to Dec 2022), ASQM 1 and the Corporations Act 2001.","Mostly editorial and wording changes but spread across many places — requires coordinated updates to firm templates and cross‑references (administrative complexity).","No new definitions introduced, but existing definitions are reconciled with external sources (reduces definitional complexity but increases dependency on external materials).","Paragraph renumbering and updated cross‑references (implementation risk for maintaining accurate references in firm documentation).","Operative date (financial periods commencing on/after 1 Jan 2023) imposes a fixed compliance deadline."],"plain_english_summary":"**What this instrument does (short version)**\n\n- ASA 2023-1 makes targeted amendments to a set of existing Australian Auditing Standards so those standards agree with recent narrow changes made by other standard‑setters (the Australian Accounting Standards Board — AASB — and the Accounting Professional & Ethical Standards Board — APESB) and to correct minor editorial errors.\n- The changes are mostly wording, cross‑reference and template changes (including many updated example auditor reports and appendices). The Standard does not create new auditing definitions or introduce a new substantive auditing requirement. (See: Application, Operative Date, Scope, Objective and Definition.)\n\n**Who is affected**\n\n- Audit firms and the individual auditors and assurance practitioners they employ (including engagement quality reviewers). (Application: paras 1–2; Amendments to ASA 102.)\n- Users of audit templates and reporting packs inside firms — for example, engagement letters and standard audit report wordings. (Amendments across ASA 210, ASA 700, ASA 705, ASA 706, ASA 710, ASA 720 and others.)\n- Entities whose financial reports are audited because auditors must apply the updated wording and cross‑references in reporting and in written representations. (See multiple amended illustrations.)\n\n**Why it matters (mechanics and practical effects)**\n\n- Alignment with accounting and ethics standards: The amendments update AUASB auditing standards to reflect narrow changes in AASB 101 (presentation of financial statements) and APES 110 (Code of Ethics, including independence requirements). This means auditors must interpret ethical and presentation matters consistently with those external standards when performing audits. (Scope and Reasons: paras 4 and preface.)\n\n- Template and wording updates: Many illustrative auditor reports, engagement letter examples and appendix texts are edited (for example to include the phrase “a summary of significant accounting policies” in report headings). Firms will need to update their engagement letters, report templates and training materials so their outputs match the amended AUASB illustrations. (See Amendments to ASA 210, ASA 510, ASA 570, ASA 700, ASA 705, ASA 710, ASA 720.)\n\n- Definitions and cross‑references: The Standard aligns certain defined terms (for example, referring to ASQM 1 for the definition of “engagement quality control reviewer” and “firm”) and clarifies which external ethical rules apply (APES 110, Corporations Act provisions and other law). Auditors must take those external definitions and requirements into account where relevant. (Amendments to ASA 102 and Definition paragraph.)\n\n**Costs, incentives and trade‑offs**\n\n- Who pays: Audit firms bear the direct compliance costs — updating templates, quality‑control documents, training staff and amending firm procedures and checklists. Those costs are dispersed across audit firms and are mostly administrative. (See operative date and scope: paras 3–4.)\n\n- Who decides: The AUASB issues the amending standard; the changes originate from the AASB and APESB and are implemented by the AUASB by amending AUASB Standards. Practically, firms and engagement teams decide how quickly and thoroughly to update their internal documentation and processes to reflect the amendments. (Authority statement and Reasons for Issuing.)\n\n- Behavioural effects: The principal behavioural change is administrative — auditors will update reporting and ethical‑compliance procedures and may pay heightened attention to the particular labels and wording that appear in audit reports and engagement letters. There is limited substantive change to audit methodology. (Objective and Amendments sections.)\n\n- Trade‑offs and opportunity costs: Time and operational effort spent updating templates and training staff could instead be used on audit planning or fieldwork. The benefit is greater consistency and legal alignment across accounting, ethics and auditing materials, which may reduce interpretation disputes and small legal risks over wording. (Scope and Main Features.)\n\n- Implementation risk: Low in substantive terms but present operationally — if firms miss updates there is a risk of inconsistency between an auditor’s work and current ethical or presentation requirements, or of using outdated report wording. (Operative Date: para 3.)\n\n**Net effect on private enterprise and markets**\n\n- Competition and prices: No direct regulatory new cost that would materially change market structure or audit pricing. The changes are narrow and administrative; any increase in compliance cost is likely small and spread across firms.\n\n- Contract freedom and ownership: No change to parties’ contractual rights or to financial‑report ownership; the Standard simply adjusts how auditors refer to accounting policy summaries and ethical requirements in their standard materials.\n\n- Transparency and user information: Slightly greater alignment between accounting presentation requirements and audit report wording may marginally improve clarity for users of financial reports.\n\n**Where to look in the Standard**\n\n- Application and Operative Date: paragraphs 1–3.\n- Scope, Objective and Definitions: paragraphs 4–6 (and the Preface/Reasons for Issuing for background).\n- Specific amendments to audit wording, appendices and illustrations: the sections headed “Amendments to ASA 102”, “Amendments to ASA 210”, “Amendments to ASA 510”, “Amendments to ASA 570”, “Amendments to ASA 580”, “Amendments to ASA 600”, “Amendments to ASA 700”, “Amendments to ASA 705”, “Amendments to ASA 706”, “Amendments to ASA 710” and “Amendments to ASA 720”."},"kimi_summary":{"_metrics":{"provider":"moonshot","completionTokens":2769},"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The legislation remains strictly limited to its original purpose of updating existing auditing standards to reflect changes in related accounting and ethical standards. There is no scope creep; it does not introduce new audit procedures, extend the classes of entities covered, or alter the fundamental requirements of the underlying standards."},"complexity_factors":["Meta-structural amendments: This standard amends 11 other standards (ASA 102, 210, 510, 570, 580, 600, 700, 705, 706, 710, 720), requiring readers to cross-reference multiple documents simultaneously.","External standard dependencies: Full comprehension requires knowledge of concurrent amendments to AASB 101 (accounting standards) and APES 110 (ethical standards), as well as ASQM 1 (quality management).","Incorporation by reference: Terms are defined in the AUASB Glossary and other standards (ASA 200, ASA 220), not within this instrument itself.","Paragraph renumbering cascades: Deletion of paragraph A6 in ASA 102 triggers automatic renumbering of subsequent paragraphs and updates to all cross-references pointing to those paragraphs.","High precision, low tolerance: The standard performs 'surgical' text substitutions (e.g., specific words in sample auditor report illustrations) where even minor wording deviations create non-compliance."],"plain_english_summary":"This is a housekeeping update to 11 AUASB auditing standards to align auditor reports with recent accounting and ethics rule changes — chiefly updating \"summary of significant accounting policies\" to \"material accounting policy information,\" renaming a reviewer role, and fixing typos and cross‑references.\n\nIt affects registered company auditors under the Corporations Act and other auditors of financial reports, applies to financial years starting on/after 1 January 2023, and matters because outdated wording could render reports technically non‑compliant."}},"importantCases":[],"_links":{"self":"/api/acts/auditing-standard-asa-2023-1-amendments-to-australian-auditing-standards","history":"/api/acts/auditing-standard-asa-2023-1-amendments-to-australian-auditing-standards/history","analysis":"/api/acts/auditing-standard-asa-2023-1-amendments-to-australian-auditing-standards/analysis","conflicts":"/api/acts/auditing-standard-asa-2023-1-amendments-to-australian-auditing-standards/conflicts","importantCases":"/api/acts/auditing-standard-asa-2023-1-amendments-to-australian-auditing-standards/important-cases","documents":"/api/acts/auditing-standard-asa-2023-1-amendments-to-australian-auditing-standards/documents"}}