Auditing Standard ASA 2020-1 Amendments to Australian Auditing Standards
Amendments to ASA 300Amendments to ASA 300
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Amendments to ASA 300
- Existing footnote 8 in paragraph A4 is amended to read as follows:
ASA 315, paragraph 1017, establishes requirements and provides guidance on the engagement team's discussion of the susceptibility of the entity to material misstatements of the financial report. ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report, paragraph 1516, provides guidance on the emphasis given during this discussion to the susceptibility of the entity's financial report to material misstatement due to fraud.
- Existing paragraph A21 is amended to read as follows:
As discussed in paragraph A11, a suitable, brief memorandum may serve as the documented strategy for the audit of a smaller entity. For the audit plan, standard audit programs or checklists (see paragraph A17) drawn up on the assumption of few relevant controls[11] activities, as is likely to be the case in a smaller entity, may be used provided that they are tailored to the circumstances of the engagement, including the auditor’s risk assessments.