Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

49 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 200 Objective and General Principles Governing an Audit of Financial Statements, effective for audits of financial statements for periods beginning on or after 15 December 2005, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main differences between this Auditing Standard and ISA 200 are:

• This Auditing Standards includes the following mandatory requirements not contained in ISA 200:

♦ where in rare and exceptional circumstances, factors outside the auditor's control prevent the auditor from complying with an essential procedure contained within a relevant mandatory requirement, the auditor shall:

○ if possible, perform appropriate alternative audit procedures; and

○ in accordance with ASA 230 Audit Documentation, document in the working papers:

◊ the circumstances surrounding the inability to comply;

◊ the reasons for the inability to comply; and

◊ justification of how alternative audit procedures achieve the objectives of the mandatory requirement.

When the auditor is unable to perform appropriate alternative audit procedures, the auditor shall consider the implications for the auditor’s report (paragraph 15);

♦ the auditor shall plan and perform an audit by exercising professional judgement (paragraph 20); and

♦ the auditor shall obtain reasonable assurance as to whether the financial report taken as a whole is free from material misstatement, whether due to fraud or error, when conducting an audit in accordance with Auditing Standards (paragraph 24).

• This Auditing Standard incorporates terminology and references used in Australia and refers to the requirements of the Australian Accounting Standards and the Corporations Act 2001. This Auditing Standard does not include certain explanatory guidance contained in ISA 200 when that explanatory guidance is not relevant to, or permitted, in Australia.
• ISA 200 includes a Public Sector Perspective. This Auditing Standard does not include a separate section on the public sector as it is sector neutral.

Compliance with this Auditing Standard enables compliance with ISA 200.