Amendments to ASA 200Amendments to ASA 200

Amendments to ASA 200

1. Existing paragraph A3 is amended to read as follows:

For the purposes of the Australian Auditing Standards ASAs, a risk of material misstatement exists when there is a reasonable possibility of:

1. …

2. Existing footnote 19 in paragraph A44 is amended to read as follows:

See ASA 315 Identifying and Assessing the Risks of Material Misstatement.

1. Existing footnote 21 in paragraph A46 is amended to read as follows:

See ASA 330, paragraph 6.

1. Existing paragraph A64 is amended to read as follows:

Where necessary, the application and other explanatory material provides further explanation of the requirements of an Auditing Standard and guidance for carrying them out. In particular, it may:

• Explain more precisely what a requirement means or is intended to cover, including in some Auditing Standards ASAs such as ASA 315, why a procedure is required.
• Include examples of procedures that may be appropriate in the circumstances. In some Auditing Standards ASAs, such as ASA 315, examples are presented in boxes.

…

1. Existing paragraph A69 is amended to read as follows:

Scalability considerations have been included in some Auditing Standards ASAs (e.g., ASA 315), illustrating the application of the requirements to all entities regardless of whether their nature and circumstances are less complex or more complex. Less complex entities are entities for which the characteristics in paragraph A71 A66 may apply.

1. Existing paragraph A73 is amended to read as follows:

The considerations specific to “automated tools and techniques” included in some Auditing Standards ASAs (for example, ASA 315) have been developed to explain how the auditor may apply certain requirements when using automated tools and techniques in performing audit procedures.