Reasons for Issuing Auditing Standard ASReasons for Issuing Auditing Standard ASA 230 Audit Documentation

Reasons for Issuing Auditing Standard ASA 230 Audit Documentation

The Auditing and Assurance Standards Board (AUASB) issues Auditing Standard ASA 230 Audit Documentation due to the requirements of the legislative provisions explained below.

The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (the CLERP 9 Act) established the AUASB as an independent statutory body under section 227A of the Australian Securities and Investments Commission Act 2001, as from 1 July 2004. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislative Instruments Act 2003.

ASA 230 conforms with ISA 230 Audit Documentation, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. Differences between this Auditing Standard and ISA 230 are noted in paragraph 39 of the Auditing Standard.