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ISSN 1833-4393
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Amendments to Auditing Standards............................................7-8
Amendments to ASA 200.....................................................9-28
Amendments to ASA 210....................................................29-30
Amendments to ASA 230....................................................31-34
Amendments to ASA 240....................................................35-55
Amendments to ASA 250....................................................56-57
Amendments to ASA 260....................................................58-60
Amendments to ASA 265....................................................61-64
Amendments to ASA 300....................................................65-66
Amendments to ASA 320....................................................67-68
Amendments to ASA 330...................................................69-108
Amendments to ASA 402..................................................109-125
Amendments to ASA 500..................................................126-128
Amendments to ASA 501.....................................................129
Amendments to ASA 505..................................................130-132
Amendments to ASA 520..................................................133-134
Amendments to ASA 530..................................................135-136
Amendments to ASA 540..................................................137-179
Amendments to ASA 550..................................................180-189
Amendments to ASA 570..................................................190-191
Amendments to ASA 600..................................................192-198
Amendments to ASA 610..................................................199-204
Amendments to ASA 620.....................................................205
Amendments to ASA 700.....................................................206
Amendments to ASA 701..................................................207-209
Amendments to ASA 720..................................................210-211
Amendments to ASA 800.....................................................212
preface
Reasons for Issuing ASA 2020-1
The AUASB issues Auditing Standard ASA 2020-1 Amendments to Australian Auditing Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB is a non corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
Main Features
This Auditing Standard makes amendments to the requirements and/or application and other explanatory material and/or appendices of the following Auditing Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued October 2009 and amended to December 2018)
ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to May 2017)
ASA 230 Audit Documentation (Issued October 2009 and amended to December 2018)
ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued October 2009 and amended to December 2018)
ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Issued May 2017)
ASA 260 Communication With Those Charged with Governance (Issued December 2015 and amended to December 2018)
ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management (Issued October 2009 and amended to November 2013)
ASA 300 Planning an Audit of a Financial Report (Issued October 2009 and amended to December 2015)
ASA 320 Materiality in Planning and Performing an Audit (Issued October 2009 and amended to December 2015)
ASA 330 The Auditor's Responses to Assessed Risks (Issued October 2009 and amended to December 2015)
ASA 402 Auditing Considerations Relating to an Entity Using a Service Organisation (Issued October 2009 and amended to November 2013)
ASA 500 Audit Evidence (Issued October 2009 and amended to December 2018)
ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information (Issued October 2009 and amended to July 2011)
ASA 505 External Confirmations (Issued October 2009 and amended to December 2018)
ASA 520 Analytical Procedures (Issued October 2009 and amended to December 2018)
ASA 530 Audit Sampling (Issued October 2009)
ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued December 2018)
ASA 550 Related Parties (Issued October 2009 and amended to November 2013)
ASA 570 Going Concern (Issued December 2015)
ASA 600 Special Considerations-Audits of a Group Financial Report (Issued October 2009 and amended to December 2015)
ASA 610 Using the Work of Internal Auditors (Issued November 2013)
ASA 620 Using the Work of an Auditor's Expert (Issued October 2009)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to December 2018)
ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (Issued December 2015 and amended to December 2018)
ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015)
ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to May 2017)
The amendments arise from changes made by the International Auditing and Assurance Standards Board (IAASB) to ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement. Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the International Standards on Auditing (ISAs) and to make appropriate consequential amendments to the Australian Auditing Standards.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2020-1 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Dated: 3 March 2020 R Simnett AO
Chair - AUASB
Conformity with International Standards on Auditing
This Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).