AUASB 2025-6 Amendments to Australian Auditing Standards
Amendments to ASA 450Amendments to ASA 450
Start here
Get a plain-English read of Amendments to ASA 450
Turn the raw legal text into a practical explanation grounded in AUASB 2025-6 Amendments to Australian Auditing Standards.
Amendments to ASA 450
- The following paragraph is inserted above existing paragraph 6 of this Auditing Standard:
If the auditor identifies a misstatement, the auditor shall evaluate whether such a misstatement is indicative of fraud. (Ref: Para. A7)
- Existing footnote 8 in paragraph A1 is amended to read as follows:
See ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report, paragraphs A1-A6A2–A6.
- The following paragraph and footnote are inserted following existing paragraph A6 of this Auditing Standard:
Consideration of Identified Misstatements as the Audit Progresses (Ref: Para. 6-78)
The nature of identified misstatements and the circumstances of their occurrence may indicate that the misstatements may be a result of fraud. In such cases, the auditor also performs the procedures required by ASA 240,[10] recognising that an instance of fraud is unlikely to be an isolated occurrence.
- Existing footnote 16 in paragraph A22 is amended to read as follows:
See ASA 240, paragraph 3557.