{"id":"F2006L03391","name":"Revocation of Auditing Standard ASA 550 - Related Parties (F2006L01394)","slug":"revocation-of-auditing-standard-asa-550-related-parties-f2006l01394","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":60822,"registerId":"commonwealth-F2006L03391-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Revocation of Auditing Standard ASA 550","sectionType":"part","heading":"Revocation of Auditing Standard ASA 550","content":"# Revocation of Auditing Standard ASA 550\n\n# Related Parties (F2006LO1394)\n\nThe Auditing and Assurance Standards Board makes this instrument pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nM H Kelsall  \nChairman  \nAuditing and Assurance Standards Board\n\nDated 9 October 2006\n\n## Revocation\n\n1 Operative Date\n\nThis instrument is operative from the day after it is registered on the Federal Register of Legislative Instruments.\n\n2 Revocation of Auditing Standard ASA 550 Related Parties (F2006LO1394)\n\nRevocation of Auditing Standard ASA 550 Related Parties made on 9 October 2006 revokes ASA 550 Related Parties (F2006LO1394) made on 28 April 2006.\n\n![](image.001.png)","sortOrder":0},{"sectionNumber":"Related Parties (F2006LO1394)","sectionType":"part","heading":"Related Parties (F2006LO1394)","content":"# Related Parties (F2006LO1394)\n\nThe Auditing and Assurance Standards Board makes this instrument pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nM H Kelsall  \nChairman  \nAuditing and Assurance Standards Board\n\nDated 9 October 2006","sortOrder":1},{"sectionNumber":"Revocation","sectionType":"part","heading":"Revocation","content":"## Revocation\n\n1 Operative Date\n\nThis instrument is operative from the day after it is registered on the Federal Register of Legislative Instruments.\n\n2 Revocation of Auditing Standard ASA 550 Related Parties (F2006LO1394)\n\nRevocation of Auditing Standard ASA 550 Related Parties made on 9 October 2006 revokes ASA 550 Related Parties (F2006LO1394) made on 28 April 2006.\n\n![](image.001.png)","sortOrder":2}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2506},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This is a targeted revocation instrument with no expansion beyond the specific purpose of cancelling the April 2006 version of ASA 550. The scope remains strictly limited to the removal of that single standard."},"complexity_factors":["Instrument contains only 2 operative sections (Operative Date and Revocation)","No defined terms or technical definitions section","Single, unambiguous legal action (revocation of one identified standard)","No conditional logic, exceptions, or procedural steps"],"plain_english_summary":"This instrument formally revokes the April 2006 ASA 550 (Related Parties), removing it from the body of enforceable auditing standards. It takes effect the day after registration on the Federal Register of Legislative Instruments.\n\nMade by the Auditing and Assurance Standards Board under powers in the ASIC Act 2001 and Corporations Act 2001, the revocation means auditors are no longer legally bound to the 2006 ASA 550 requirements; entities should confirm whether a newer standard or different requirements now apply."}},"importantCases":[],"_links":{"self":"/api/acts/revocation-of-auditing-standard-asa-550-related-parties-f2006l01394","history":"/api/acts/revocation-of-auditing-standard-asa-550-related-parties-f2006l01394/history","analysis":"/api/acts/revocation-of-auditing-standard-asa-550-related-parties-f2006l01394/analysis","conflicts":"/api/acts/revocation-of-auditing-standard-asa-550-related-parties-f2006l01394/conflicts","importantCases":"/api/acts/revocation-of-auditing-standard-asa-550-related-parties-f2006l01394/important-cases","documents":"/api/acts/revocation-of-auditing-standard-asa-550-related-parties-f2006l01394/documents"}}