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COPYRIGHT

© Commonwealth of Australia 2006. The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Principal Executive, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of the Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.

ISSN 1833-4939

CONTENTS

PREFACE

AUTHORITY STATEMENT

Paragraphs

Application.................................. 1-2

Operative Date................................ 3

Introduction.................................. 4-7

Overall Responses............................. 8-11

Audit Procedures Responsive to Risks of Material Misstatement at the Assertion Level 12-16

Considering the Nature, Timing and Extent of Further Audit Procedures 17-28

Tests of Controls............................... 29-65

Substantive Procedures.......................... 66-87

Adequacy of Presentation and Disclosure.............. 88-89

Evaluating the Sufficiency and Appropriateness of Audit Evidence Obtained 90-98

Documentation................................ 99-100

Conformity with International Standards on Auditing...... 101

Preface

Reasons for Issuing Auditing Standard ASA 330 The Auditor's Procedures in Response to Assessed Risks

The Auditing and Assurance Standards Board (AUASB) issues Auditing Standard ASA 330 The Auditor's Procedures in Response to Assessed Risks due to the requirements of the legislative provisions explained below.