ASA 502 - Audit Evidence - Specific Considerations for Litigation and Claims - October 2009
COMPILATION DETAILSCOMPILATION DETAILS
Start here
Get a plain-English read of COMPILATION DETAILS
Turn the raw legal text into a practical explanation grounded in ASA 502 - Audit Evidence - Specific Considerations for Litigation and Claims - October 2009.
The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au
Contact Details
Auditing and Assurance Standards BoardPodium LevelLevel 14, 530 Collins StreetMelbourne Victoria 3000AUSTRALIA
Phone: (03) 8080 7400E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA
Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this 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 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Completeness of Litigation and Claims.............................................3
Communication with the Entity’s Legal Counsel.....................................4-5
Written Representations........................................................6
Related Procedures.................................................Aus 6.1-Aus 6.2
Application and Other Explanatory Material
Completeness of Litigation and Claims....................................A1-Aus A4.1
Communication with the Entity’s Legal Counsel.............................A5-Aus A8.11
Written Representations.........................................Aus A8.12-Aus A8.13
Related Procedures...................................................A9-Aus A9.3
[Aus] Appendix 1: Example of a Letter of Specific Enquiry to External Legal Counsel
COMPILATION DETAILS
Auditing Standard ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (as Amended)
This compilation takes into account amendments made up to and including 5 November 2021 and was prepared on 10 November 2021 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 502 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 502 [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 2013‑3 [C]
1 July 2013
Financial reporting periods commencing on or after 1 July 2013
ASA 2021‑5 [D]
5 November 2021
Financial reporting periods commencing on or after 15 December 2021
[A] Federal Register of Legislation – registration number F2009L04086, 27 October 2009
[B] Federal Register of Legislation – registration number F2011L01379, 27 June 2011
[C] Federal Register of Legislation – registration number F2013L01326, 1 July 2013
[D] Federal Register of Legislation – registration number F2021L01525, 8 November 2021
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
Sub‑heading above Para. A4
Amended
ASA 2011‑1 [36]
Para.1 under sub‑heading “Effective Date”
Deleted
ASA 2013‑3 [9]
Renumbering of the paragraph following sub-heading “Effective Date”
Amended
ASA 2021‑5 [20]
5
Amended
ASA 2021‑5 [21]
AUTHORITY STATEMENT
Auditing Standard ASA 502 Audit Evidence – Specific Considerations for Litigation and Claims as Amended (as amended to 5 November 2021) is set out in paragraphs Aus 0.1 to Aus A9.3 and [Aus] Appendix 1.
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 the Litigation and Claims sections (paragraphs 1‑3, 9‑12 and A17‑A25) of International Standard on Auditing ISA 501 Audit Evidence – Specific Considerations for Selected Items, issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
The other paragraphs of ISA 501 relating to Inventory and Segment Information (paragraphs 4‑8, 13, A1‑A16 and A26‑A27) are incorporated into ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information.
The AUASB has decided to continue to issue ASA 502 as a separate Auditing Standard, in the same way that the previous standard, ASA 508 Enquiry Regarding Litigation and Claims, is a separate standard. ASA 508 contains requirements and guidance that the AUASB considers important to carry forward in the Australian Auditing Standards, and as a result, the revised standard is better suited to presentation as a separate standard.
This Auditing Standard contains all the requirements and guidance contained in ISA 501 relating to Litigation and Claims, as well as additional requirements and guidance that are contained in ASA 508.
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, in conjunction with ASA 501, enables compliance with ISA 501.
________________
Table 1, following, shows how paragraphs in this Auditing Standard have been re‑numbered, compared to the equivalent paragraphs in ISA 501: