Conformity with International Standards Conformity with International Standards on Auditing

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:

Table 1: Paragraph Re‑numbering in ASA 502

<table cellspacing="0" cellpadding="0" style="width:369.3pt; border:0.75pt solid #000000; border-collapse:collapse"><tbody><tr style="height:27.65pt"><td rowspan="2" style="width:104.2pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p><span style="font-weight:bold">Description</span></p></td><td style="width:65.6pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p style="text-align:center"><span style="font-weight:bold">ISA</span><span style="font-weight:bold"> </span><span style="font-weight:bold">501</span></p></td><td colspan="2" style="width:166.35pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p style="text-align:center"><span style="font-weight:bold">ASA</span><span style="font-weight:bold"> </span><span style="font-weight:bold">502</span></p></td></tr><tr><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p style="text-align:center"><span style="font-weight:bold">Para</span><span>.</span><span> </span><span>#</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p style="text-align:center"><span style="font-weight:bold">Para</span><span>.</span><span> </span><span>#</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p style="text-align:center"><span>“</span><span style="font-weight:bold">Aus</span><span>” </span><span style="font-weight:bold">Para</span><span>.</span><span> </span><span>#</span></p></td></tr><tr style="height:14.2pt"><td colspan="4" style="width:357.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle; background-color:#d9d9d9"><p><span style="font-weight:bold">Requirements</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span>Litigation and Claims</span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>9</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>4</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span></span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>10</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>5</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus 5.1</span><span>‑</span><span>Aus 5.2</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>11</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>6</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span></span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>12</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>7</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus 7.1</span><span>‑</span><span>Aus 7.2</span></p></td></tr><tr style="height:14.2pt"><td colspan="4" style="width:357.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle; background-color:#d9d9d9"><p><span style="font-weight:bold">Application</span><span> </span><span style="font-weight:bold">and</span><span> </span><span style="font-weight:bold">Other</span><span> </span><span style="font-weight:bold">Explanatory</span><span> </span><span style="font-weight:bold">Material</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span>Litigation and Claims</span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A17</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A1</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus A1.1</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A18</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A2</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus A2.1</span><span>‑</span><span>Aus A2.2</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A19</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A3</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span></span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A20</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A4</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus A 4.1</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A21</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A5</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span></span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A22</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A6</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span></span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A23</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A7</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus A7.1</span><span>‑</span><span>Aus A7.2</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A24</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A8</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus A8.1</span><span>‑</span><span>Aus A8.13</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A25</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>A9</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>Aus A9.1</span><span>‑</span><span>Aus A9.3</span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>Footnote 10</span></p></td><td style="width:38.8pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>*</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span></span></p></td></tr><tr style="height:14.2pt"><td style="width:104.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p><span></span></p></td><td style="width:65.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>Footnote 11</span></p></td><td style="width:38.8pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="text-align:center"><span>*</span></p></td><td style="width:116.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span></span></p></td></tr></tbody></table>