ASA 720 - The Auditor's Responsibilities Relating to Other Information - December 2015
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 720 - The Auditor's Responsibilities Relating to Other Information - December 2015.
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 BoardPhone: (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 within Australia should be addressed to the Director – National, 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.
This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use only.
Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Director – National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may also require the agreement of IFAC.
ISSN 1833‑4393
Part COMPILATION DETAILS - ASA 720 - The Auditor's Responsibilities Relating to Other Information - December 2015 - COMPILATION DETAILS | Zoe
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Reading and Considering the Other Information.............................14‑15
Responding When a Material Inconsistency Appears to Exist or Other Information Appears to Be Materially Misstated 16
Responding When the Auditor Concludes That a Material Misstatement of the Other Information Exists 17‑19
Responding When a Material Misstatement in the Financial Report Exists or the Auditor’s Understanding of the Entity and Its Environment Needs to Be Updated 20
Obtaining the Other Information.....................................A11‑A22
Reading and Considering the Other Information..........................A23‑A24
Considering Whether There is a Material Inconsistency between the Other Information and the Financial Report A25‑A36
Remaining Alert for Other Indications that the Other Information Appears to Be Materially MisstatedA37‑A38
Responding When a Material Inconsistency Appears to Exist or Other Information Appears to Be Materially Misstated A39‑A43
Responding When the Auditor Concludes That a Material Misstatement of the Other Information Exists A44‑Aus A50.1
Responding When a Material Misstatement in the Financial Report Exists or the Auditor’s Understanding of the Entity and Its Environment Needs to Be Updated A51
Appendix 1: Examples of Amounts or Other Items that May be Included in the Other Information
[Aus] Appendix 2: Decision tree diagram for Other Information Reporting in the Auditor’s Report
[Aus] Appendix 3: Illustrations of Auditor’s Reports Relating to Other Information
COMPILATION DETAILS
Auditing Standard ASA 720 The Auditor's Responsibilities Relating to Other Information (as Amended)
This compilation takes into account amendments made up to and including 28 January 2025 and was prepared on 12 February 2025 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 720 (December 2015) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 720 [A]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2020-2 [B]
30 June 2020
Financial reporting periods ending on or after 15 July 2020
ASA 2020-1 [C]
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2021-1 [D]
10 March 2021
Financial reporting periods commencing on or after 15 December 2022
ASA 2023-1 [E]
15 March 2023
Financial reporting periods commencing on or after 1 January 2023
ASA 2022-1 [F]
27 April 2022
Financial reporting periods commencing on or after 15 December 2023
ASA 2025-2 [G]
28 January 2025
from 1 January 2025
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASA 720
F2015L02027
16 December 2015
17 December 2015
ASA 2020-2
F2020L00885
7 July 2020
8 July 2020
ASA 2020-1
F2020L00252
13 March 2020
14 December 2021
ASA 2021-1
F2021L00403
1 April 2021
14 December 2022
ASA 2023-1
F2023L00295
21 March 2023
22 March 2023
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
ASA 2025-2
F2025L00108
11 February 2025
12 February 2025
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
4
Amended
ASA 2020-2 [73]
A38
Amended
ASA 2020-2 [74]
[Aus] Appendix 3
Amended
ASA 2020-2 [75] to [82]
A31 and Footnote 11
Amended
ASA 2020-1 [210]
A51 and Footnote 13
Amended
ASA 2020-1 [211]
A24
Amended
ASA 2021-1 [114]
Renumbering of footnotes
Amended
ASA 2021-1 [115]
[Aus] Appendix 3
Amended
ASA 2023-1 [44] to [50]
A35
Amended
ASA 2022-1 [43]
A36
Amended
ASA 2022-1 [44]
A3
Amended
ASA 2025-2 [32]
A5
Amended
ASA 2025-2 [33]
AUTHORITY STATEMENT
Auditing Standard ASA 720 The Auditor's Responsibilities Relating to Other Information (as amended to 28 January 2025) is set out in paragraphs Aus 0.1 to A59 and Appendices 1 to 3.
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 720 The Auditor's Responsibilities Relating to Other Information 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 application and other explanatory material is additional to ISA 720:
Paragraph Aus 50.1 refer to requirements under the Corporations Act 2001.
[Aus] Appendix 2 includes a decision tree diagram for other information reporting.
[Aus] Appendix 3 includes [Aus] Illustrations 1A, 2A and 4A-7A (inclusive) example auditor’s reports (in respect of a single company and a group) that conform with the requirements of the Corporations Act 2001.
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISA 720.