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Part COMPILATION DETAILS - ASA 560 - Subsequent Events - October 2009 - COMPILATION DETAILS | Zoe
ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Events Occurring between the Date of the Financial Report and the Date of the Auditor’s ReportA6-A10
Implications of Other Information Obtained after the Date of the Auditor’s Report............A11
Facts Which Become Known to the Auditor after the Date of the Auditor’s Report but before the Date the Financial Report Is Issued A12-A14
Considerations Specific to Public Sector Entities................................A15-A17
Implications of Other Information Received after the Financial Report Has Been Issued........A18
Facts Which Become Known to the Auditor after the Financial Report Has Been IssuedA19-Aus A20.1
COMPILATION DETAILS
Auditing Standard ASA 560 Subsequent Events (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 560 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 560 [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 2015‑1 [C]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2021‑2 [D]
7 September 2021
Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2021‑5 [E]
5 November 2021
Financial reporting periods commencing on or after 15 December 2021
[A] Federal Register of Legislation – registration number F2009L04094, 11 November 2009
[B] Federal Register of Legislation – registration number F2011L01379,
30 June 2011
[C] Federal Register of Legislation – registration number F2015L02032, 16 December 2015
[D] Federal Register of Legislation – registration number F2021L01300, 20 September 2021
[E] Federal Register of Legislation – registration number F2021L01525, 8 November 2021
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
10(b)
Amended
ASA 2011-1 [41]
1
Amended
ASA 2015-1 [157]
New Footnote 1
Addition
ASA 2015-1 [158]
A1
Amended
ASA 2015-1 [159]
Aus A3.1
Deleted
ASA 2015-1 [160]
New heading after paragraph A10
Addition
ASA 2015-1 [161]
A11 new paragraph
Addition
ASA 2015-1 [162-163]
New heading after paragraph A17
Addition
ASA 2015-1 [164]
A18 new paragraph
Addition
ASA 2015-1 [165-166]
14
Deleted
ASA 2021-2 [8]
Aus 14.1
Addition
ASA 2021-2 [9]
17
Amended
ASA 2021-2 [10]
Aus A20.1
Addition
ASA 2021-2 [11]
5
Amended
ASA 2021-5 [24]
AUTHORITY STATEMENT
Auditing Standard ASA 560 Subsequent Events (as amended to 5 November 2021) is set out in paragraphs Aus 0.1 to Aus A20.1.
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 International Standard on Auditing ISA 560 Subsequent Events issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
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”.
The following requirement is additional to ISA 560:
Paragraph Aus 12.1: For an audit engagement conducted under the Corporations Act 2001, management, and those charged with governance, are prohibited from restricting an amendment of the financial report to the effects of the subsequent event or events causing that amendment. Consequently, the auditor is prohibited from restricting audit procedures as required under paragraph 11(b)(i) of this Auditing Standard to such an amendment.
[Ref: Para. Aus 12.1]
Paragraph Aus 14.1 clarifies the timing of communications the auditor may take when facts become known to the auditor after the financial report has been issued that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report.
The following application and other explanatory material are additional to ISA 560:
Paragraph Aus A20.1 contains application material on the possible actions the auditor may take when facts become known to the auditor after the financial report has been issued that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report.
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISA 560 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISA 560.