ASA 502 - Audit Evidence - Specific Considerations for Litigation and Claims - October 2009
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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”.