Preamble to Australian Auditing StandardPreamble to Australian Auditing Standards

Image unavailable in extracted textAuditing Standard ASA 101

Preamble to Australian Auditing Standards

Application

1. This Auditing Standard applies to:
   1. an audit of a financial report for a financial year, or an audit or a review of a financial report for a half-year, in accordance with the Corporations Act 2001;
   2. an audit of a financial report, or a complete set of financial statements, for any other purpose;
   3. a review, by the independent auditor of the entity, of a financial report, or a complete set of financial statements, comprising historical financial information, for any other purpose; and
   4. a firm[1] required to comply with ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements.
2. This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

1. This Auditing Standard is operative for engagements with financial reporting periods commencing on or after 1 January 2010, and for firms required to establish systems of quality control in compliance with ASQC 1 by 1 January 2010. [Note: For operative dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
2. This Auditing Standard supersedes interpretive information contained in ASA 100 Preamble to AUASB Standards to the extent that ASA 100 applies to the Australian Auditing Standards.