Auditing Standard ASA 2020-1 Amendments to Australian Auditing Standards
Amendments to ASA 230Amendments to ASA 230
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Amendments to ASA 230
- Existing footnote 5 in paragraph A7 is amended to read as follows:
See ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, paragraph 1710.
- Existing footnote 6 in paragraph A8 is amended to read as follows:
See ASA 315, paragraph 4(e)12(l).
- Existing paragraph A17 is amended to read as follows:
When preparing audit documentation, the auditor of a smaller entity may also find it helpful and efficient to record various aspects of the audit together in a single document, with cross-references to supporting working papers as appropriate. Examples of matters that may be documented together in the audit of a smaller entity include the understanding of the entity and its environment, the applicable financial reporting framework, and the entity’s system of internal control, the overall audit strategy and audit plan, materiality determined in accordance with ASA 320,9 assessed risks, significant matters noted during the audit, and conclusions reached.
- Existing Appendix 1 is amended to read as follows:
Specific Audit Documentation Requirements in Other Australian Auditing Standards
This appendix identifies paragraphs in other Australian Auditing Standards that contain specific documentation requirements. The list is not a substitute for considering the requirements and related application and other explanatory material in Australian Auditing Standards.
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ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment – paragraph 382