Amendments to AUASB StandardsAmendments to AUASB Standards

Amendments to AUASB Standards

A22. AUASB Standards may require amendment for a variety of reasons, such as consequential and conforming amendments required as a result of changes made to other AUASB Standards.

Amendment of Standards made under Section 336 of the Corporations Act

A23. As standards made under section 336 of the Corporations Act are legislative instruments, they can only be amended by another legislative instrument. An “Amending Standard” is a legislative instrument made by the AUASB for the sole purpose of amending another legislative instrument (referred to as the “principal standard”). Amending Standards provide an efficient way of processing amendments which affect a number of standards without reissuing all the standards affected.

Compilations

A24. The compiled version of a standard reflects the content of a standard, considering all amendments that have become effective since the principal standard was originally made.[29] Compilations are a requirement of the Legislation Act 2003 and are required to be lodged with the Office of Parliamentary Counsel for registration on the Federal Register of Legislation. A compilation is not a legislative instrument.

A25. Where the AUASB issues a compiled version of a standard:

(a) the title page of the standard indicates that it is a compiled version of the standard and shows the date of the compilation and the relevant Amending Standards that have been taken into account;

(b) a “Compilation Details” section is included in the standard which includes the following information:

(i) a “Table of Standards”, which sets out details of both the principal standard and subsequent Amending Standards, including the dates of both the principal and Amending Standards (date made, operative date and date registered on the Federal Register of Legislation);
(ii) a “Table of Amendments”, which provides details of amendments to the principal standard (paragraph of standard affected, how affected and a paragraph reference to the relevant Amending Standard); and
(iii) a statement that the compilation is not a separate Auditing Standard made by the AUASB but a representation of the relevant Standard which incorporates the original standard and subsequent amendments.

(c) the Operative Date paragraph in the standard includes a reference to the Compilations Details section of the standard, for details about the operative dates of paragraphs changed or added by an Amending Standard. (Ref: Para. A33(a))