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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 101.....................................................9-11
Amendments to ASA 200....................................................12-17
Amendments to ASA 240......................................................18
Amendments to ASA 330......................................................19
Amendments to ASA 502....................................................20-21
Amendments to ASA 540......................................................22
Amendments to ASA 550......................................................23
Amendments to ASA 560......................................................24
Amendments to ASA 570......................................................25
Amendments to ASA 610....................................................26-30
Amendments to ASA 620......................................................31
Amendments to ASA 710......................................................32
Amendments to ASRE 2415....................................................33
preface
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.
Main Features
This Auditing Standard makes amendments to the requirements and application & other explanatory material of the following Auditing Standards:
ASA 101 Preamble to AUASB Standards (Issued 7 September 2021)
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 7 September 2021)
ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued 27 October 2009 and amended to 30 June 2020)
ASA 330 The Auditor's Responses to Assessed Risks (Issued 27 October 2009 and amended to 1 December 2015)
ASA 502 Audit Evidence ─ Specific Considerations for Litigation and Claims (Issued 27 October 2009 and amended to 1 July 2013)
ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018)
ASA 550 Related Parties (Issued 27 October 2009 and amended to 11 November 2013)
ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 7 September 2021)
ASA 570 Going Concern (Issued 1 December 2015 and amended to 30 June 2020)
ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013)
ASA 620 Using the Work of an Auditor’s Expert (Issued 27 October 2009 and amended to 30 June 2020)
ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 30 June 2020)
ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (Issued 30 June 2010 and amended to 1 July 2013)
The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-5 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: 5 November 2021 W R Edge
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).