IntroductionIntroduction

Auditing Standard ASA 330

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 330 The Auditor's Responses to Assessed Risks 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 330 incorporates subsequent amendments contained in another Auditing Standard made by the AUASB up to and including 5 November 2021 (see Compilation Details).

Auditing Standard ASA 330

The Auditor's Responses to Assessed Risks

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 commencing 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 design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with ASA 315[1] in an audit of a financial report.

Effective Date

1. [Deleted by the AUASB. Refer Aus 0.3]

Objective

1. The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through designing and implementing appropriate responses to those risks.