Auditing Standard ASA 2021-5 Amendments to Australian Auditing Standards
Reasons for Issuing ASA 2021-5Reasons for Issuing ASA 2021-5
Start here
Get a plain-English read of Reasons for Issuing ASA 2021-5
Turn the raw legal text into a practical explanation grounded in Auditing Standard ASA 2021-5 Amendments to Australian Auditing Standards.
Reasons for Issuing ASA 2021-5
The AUASB issues Auditing Standard ASA 2021-5 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.