ASA 720 - Other Information in Documents Containing Audited Financial Reports - April 2006
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ISSN 1833-4393
CONTENTS
PREFACE
AUTHORITY STATEMENT
Paragraphs
Application.................................. 1-2
Operative Date................................ 3
Introduction.................................. 4-11
Access to Other Information....................... 12
Consideration of Other Information.................. 13
Material Inconsistencies.......................... 14-17
Material Misstatements of Fact..................... 18-24
Availability of Other Information After the Date of the Auditor’s Report 25-30
Conformity with International Standards on Auditing...... 31
Preface
Reasons for Issuing Auditing Standard ASA 720 Other Information in Documents Containing Audited Financial Reports
The Auditing and Assurance Standards Board (AUASB) issues Auditing Standard ASA 720 Other Information in Documents Containing Audited Financial Reports due to the requirements of the legislative provisions explained below.
The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (the CLERP 9 Act) established the AUASB as an independent statutory body under section 227A of the Australian Securities and Investments Commission Act 2001, as from 1 July 2004. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislative Instruments Act 2003.