Auditing Standard ASA 2018-1 Amendments to Australian Auditing Standards
Amendments to ASA 240Amendments to ASA 240
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Amendments to ASA 240
- Existing paragraph A48 is amended to read as follows:
A retrospective review is also required by ASA 540.20 That review is conducted as a risk assessment procedure to obtain information regarding the effectiveness of management’s previous prior period estimation process accounting estimates, audit evidence about the outcome, or where applicable, their subsequent re‑estimation of prior period accounting estimates that is pertinent to making to assist in identifying and assessing the risks of material misstatement in the current period accounting estimates, and audit evidence of matters, such as estimation uncertainty, that may be required to be disclosed in the financial report. As a practical matter, the auditor’s review of management judgements and assumptions for biases that could represent a risk of material misstatement due to fraud in accordance with this Auditing Standard may be carried out in conjunction with the review required by ASA 540.
- Existing footnote 5 of this Auditing Standard is amended to read as follows:
See ASA 200, paragraph 15.
- Existing footnote 20 is amended to read as follows:
See ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures, paragraph 14 9.
- Existing footnote * in paragraph Aus A67.1 is amended to read as follows:
See ASIC Regulatory Guide 34 Auditor’s obligations: reporting to ASIC (December 2007 May 2013), that which provides guidance to help auditors comply with their obligations, under sections 311, 601HG and 990K of the Corporations Act 2001, to report contraventions and suspected contraventions of the Act to ASIC.