Planning an Audit of a Financial ReportPlanning an Audit of a Financial Report

Auditing Standard ASA 300

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 300 Planning an Audit of a Financial Report pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 300 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 27 April 2022 (see Compilation Details).

Auditing Standard ASA 300

Planning an Audit of a Financial Report

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods ending on or after 1 January 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

1. This Auditing Standard deals with the auditor’s responsibility to plan an audit of a financial report. This Auditing Standard is written in the context of recurring audits. Additional considerations in an initial audit engagement are separately identified.
2. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Quality management at the engagement level in accordance with ASA 220, in conjunction with adequate planning in accordance with this ASA, benefits the audit of a financial report in several ways, including the following: (Ref: Para. A1‑A4)

• Helping the auditor to devote appropriate attention to important areas of the audit.
• Helping the auditor identify and resolve potential problems on a timely basis.
• Helping the auditor properly organise and manage the audit engagement so that it is performed in an effective and efficient manner