ASA 320 - Materiality and Audit Adjustments - April 2006
Reasons for Issuing Auditing Standard ASReasons for Issuing Auditing Standard ASA 320 Materiality and Audit Adjustments
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Reasons for Issuing Auditing Standard ASA 320 Materiality and Audit Adjustments
The Auditing and Assurance Standards Board (AUASB) issues Auditing Standard ASA 320 Materiality and Audit Adjustments, 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.