Obtaining a Copy of Auditing Standards

The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au.

Alternatively, printed copies of Auditing Standards are available by contacting:

COPYRIGHT

© Commonwealth of Australia 2007. The text, graphics and layout of this compiled 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. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Principal Executive, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of the compiled 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.

ISSN 1833-4393

CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

Paragraphs

Application.................................. 1-2

Operative Date................................ 3

Introduction.................................. 4

Objective of an Audit of a Financial Report............. 5-6

Ethical Requirements Relating to an Audit of a Financial Report 7-8

Conduct of an Audit of a Financial Report.............. 9-12

Scope of an Audit of a Financial Report ............... 13-19

Professional Judgement and Professional Scepticism....... 20-23

Reasonable Assurance .......................... 24-29

Audit Risk and Materiality........................ 30-41

Responsibility for the Financial Report ................ 42-45

Expressing an Opinion on a Financial Report ........... 46-48

Conformity with International Standards on Auditing...... 49