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ISSN 1833-4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Materiality and Audit Risk.....................................................A1
Materiality in the Context of an Audit.............................................A2
Determining Materiality and Performance Materiality When Planning the Audit..........A3-A13
Revision as the Audit Progresses................................................A14
COMPILATION DETAILS
Auditing Standard ASA 320 Materiality in Planning and Performing an Audit (as Amended)
This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 1 March 2023 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 320 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 320 [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 2015‑1 [C]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2020‑1 [D]
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2022-1 [E]
27 April 2022
Financial reporting periods commencing on or after 15 December 2023
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASA 320
F2009L04080
12 November 2009
13 November 2009
ASA 2011‑1
F2011L01379
30 June 2011
1 July 2011
ASA 2015-1
F2015L02032
16 December 2015
17 December 2015
ASA 2020-1
F2020L00252
13 March 2020
14 December 2021
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
Title Page
Amended
ASA 2011-1 [31]
6
Amended
ASA 2015-1 [101]
Footnotes 3 and 4
Addition
ASA 2015-1 [102]
Aus A1.1 and related footnote *
Deleted
ASA 2015-1 [103]
Heading after paragraph A1
Addition
ASA 2015-1 [104]
A2
Addition
ASA 2015-1 [105 and 107]
Footnote 13
Addition
ASA 2015-1 [106]
A11
Amended
ASA 2015-1 [108]
Aus A10.1 and related footnote *
Deleted
ASA 2015-1 [109]
Footnote 3
Amended
ASA 2020-1 [67]
Footnote 13
Amended
ASA 2020-1 [68]
9
Amended
ASA 2022-1 [30]
A13
Amended
ASA 2022-1 [31]
AUTHORITY STATEMENT
Auditing Standard ASA 320 Materiality in Planning and Performing an Audit (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A14.
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 320 Materiality in Planning and Performing an Audit 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”.
Compliance with this Auditing Standard enables compliance with ISA 320.
Part COMPILATION DETAILS - ASA 320 - Materiality in Planning and Performing an Audit - October 2009 - COMPILATION DETAILS | Zoe