ASA 220 - Quality Control for an Audit of a Financial Report and Other Historical Financial Information - October 2009
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Part COMPILATION DETAILS - ASA 220 - Quality Control for an Audit of a Financial Report and Other Historical Financial Information - October 2009 - COMPILATION DETAILS | Zoe
ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Auditing Standard ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information (as Amended)
This compilation takes into account amendments made up to and including 30 June 2020 and was prepared on 10 November 2021 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 220 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 220 [A]
27 October 2009
Financial reporting periods commencing on or after 1 January 2010
ASA 2011‑1 [B]
27 June 2011
Financial reporting periods commencing on or after 1 July 2011
ASA 2013‑2 [C]
11 November 2013
Financial reporting periods commencing on or after 1 January 2014
ASA 2015‑1 [D]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2017‑2 [E]
30 May 2017
Financial reporting periods commencing on or after 1 January 2018
ASA 2020-2 [F]
30 June 2020
Financial reporting periods ending on or after 15 July 2020
ASA 2020-1 [G]
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[*]
[A] Federal Register of Legislation – registration number F2009L04066, 9 November 2009
[B] Federal Register of Legislation – registration number F2011L01379, 30 June 2011
[C] Federal Register of Legislation – registration number F2013L01939, 14 November 2013
[D] Federal Register of Legislation – registration number F2015L02032, 16 December 2015
[E] Federal Register of Legislation – registration number F2017L01179, 13 September 2017
[F] Federal Register of Legislation – registration number F2020L00885, 7 July 2020
[G] Federal Register of Legislation – registration number F2020L00252, 13 March 2020
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
7(j)(i)
Amended
ASA 2011‑1 [20]
7(p) Footnote *
Amended
ASA 2011‑1 [21]
A23
Amended
ASA 2011‑1 [22]
2 Footnote 1
Amended
ASA 2013‑2 [30]
7(d)
Amended
ASA 2013‑2 [31]
7(d) Footnote 3
Amended
ASA 2013‑2 [32]
7(d) Footnote #
Addition
ASA 2013‑2 [33]
Aus 7.3
Addition
ASA 2013‑2 [34]
Aus 7.3 Footnote *
Addition
ASA 2013‑2 [35]
Aus 7.4‑Aus 7.7
Re‑numbered
ASA 2013‑2 [36]
20(d)
Amended
ASA 2015‑1 [34]
Footnote 4
Amended
ASA 2015‑1 [35]
Aus A5.1
Amended
ASA 2015‑1 [36]
Aus A6.2
Deleted
ASA 2015‑1 [37]
New A29
Addition
ASA 2015‑1 [38]
7(p) Footnote #
Amended
ASA 2017‑2 [14]
A9
Addition
ASA 2017‑2 [15]
A29
Re-numbered
ASA 2017-2 [16]
9
Amended
ASA 2020-2 [20]
10
Amended
ASA 2020-2 [21]
11
Amended
ASA 2020-2 [22]
Title of A6
Amended
ASA 2020-2 [23]
A6
Amended
ASA 2020-2 [24]
A9
Amended
ASA 2020-2 [25]
A9 Footnotes 6 and 7
Amended
ASA 2020-2 [26]
A30 Footnote 14
Amended
ASA 2020-1 [8]
AUTHORITY STATEMENT
Auditing Standard ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information (as amended to 30 June 2020) is set out in paragraphs Aus 0.1 to A37.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 220 Quality Control for an Audit of Financial Statements issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
The following requirement is additional to ISA 220:
Paragraph Aus 21.1 - For audits of financial reports of listed entities, and those other audit engagements, if any, for which the firm has determined that an engagement quality control review is required, the engagement quality control reviewer, on performing an engagement quality control review, shall also consider the following:
The engagement team’s evaluation of the firm’s independence in relation to the audit engagement;
Whether appropriate consultation has taken place on matters involving differences of opinion or other difficult or contentious matters, and the conclusions arising from those consultations; and
Whether audit documentation selected for review reflects the work performed in relation to the significant judgements made and supports the conclusions reached.
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISA 220 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISA 220.