Auditing Standard ASA 2020-1 Amendments to Australian Auditing Standards
Amendments to ASA 250Amendments to ASA 250
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Amendments to ASA 250
- Existing footnote 4 in paragraph 13 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 1119.
- Existing paragraph A23 is amended to read as follows:
As required by paragraph 22, the auditor evaluates the implications of identified or suspected non-compliance in relation to other aspects of the audit, including the auditor’s risk assessment and the reliability of written representations. The implications of particular identified or suspected non-compliance will depend on the relationship of the perpetration and concealment, if any, of the act to specific controls activities and the level of management or individuals working for, or under the direction of, the entity involved, especially implications arising from the involvement of the highest authority within the entity. As noted in paragraph 9, the auditor’s compliance with law, regulation or relevant ethical requirements may provide further information that is relevant to the auditor’s responsibilities in accordance with paragraph 22.