Commonwealth legislation

Auditing Standard ASA 2022-1 Amendments to Australian Auditing Standards

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

8/10 complexity

Updates and harmonises many Australian Auditing Standards to align with the revised ASA 600 on group audits. Mechanically it amends wording, cross‑references and requirements dealing with planning, the engagement partner’s review, supervision and review of component auditors, communications, documentation and materiality.

The changes affect audit firms, engagement partners, component auditors and those charged with governance. The AUASB presents them as consequential to IAASB revisions; they increase coordination, documentation and professional‑judgement obligations and therefore raise compliance and implementation effort for firms.

JSON API Accounting / audit standards

Deep Dive

5,983 words · generated 13/06/2026

What it does

This instrument, Auditing Standard ASA 2022-1 Amendments to Australian Auditing Standards (dated 27 April 2022), makes consequential and conforming amendments across a broad set of Australian Auditing Standards to reflect changes arising from the issuance of ASA 600 Special Considerations,Audits of a Group Financial Report (Including the Work of Component Auditors). The Standard is a legislative instrument made by the Auditing and Assurance Standards Board (AUASB) under s 227B of the Australian Securities and Investments Commission Act 2001 and s 336 of the Corporations Act 2001; it is therefore made for Australian legislative purposes and classified as a legislative instrument under the Legislation Act 2003 (see Authority Statement and Preface).

Mechanically, the amending instrument:

Lists the Auditing Standards being amended (ASQM 1, ASQM 2, ASA 220, ASA 230, ASA 240, ASA 250, ASA 260, ASA 300, ASA 315, ASA 320, ASA 402, ASA 501, ASA 550, ASA 610, ASA 700, ASA 701, ASA 705 and ASA 720), and inserts or alters specific paragraphs in each (Objective; Scope; Amendments sections).
Inserts a new mandatory step for engagement partners in ASA 300 by adding paragraph 11: "The engagement partner shall review the overall audit strategy and audit plan."
Amends numerous application and explanatory paragraphs in the listed standards to add or clarify requirements and guidance where group-audit circumstances, component auditors, and the work of other auditors are relevant (for example, ASA 220 A24-A25, ASA 300 A9, ASA 315 A45, ASA 320 para 9, ASA 700 para 39(c), ASA 230 Appendix 1, ASA 240 A6, ASA 250 A8, ASA 260 A4).
Alters or clarifies wording about roles and responsibilities in group audits, notably in ASA 700 where paragraph 39(c) is amended to require the auditor’s report to describe that, when ASA 600 applies, the auditor plans and performs the group audit to obtain sufficient appropriate audit evidence, is responsible for direction, supervision and review of audit work performed for the group audit, and remains solely responsible for the auditor’s opinion.

Current sections

Direct links to the current provisions in Auditing Standard ASA 2022-1 Amendments to Australian Auditing Standards.

Obtaining a Copy of this Auditing Standa

Obtaining a Copy of this Auditing Standard

This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au

Contact Details

Auditing and Assurance Standards BoardLevel 20, 500 Collins StreetMelbourne Victoria 3000AUSTRALIA	Phone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA

COPYRIGHT

© 2022 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).

Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.

ISSN 1833-4393

CONTENTS

PREFACE

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application...............................................................1-2

Operative Date..............................................................3

Introduction

Scope of this Auditing Standard..................................................4

Objective..................................................................5

Definition..................................................................6

Amendments to Auditing Standards............................................7-8

Amendments to ASQM 1.....................................................9-10

Amendments to ASQM 2......................................................11

Amendments to ASA 220....................................................12-19

Amendments to ASA 230......................................................20

Amendments to ASA 240......................................................21

Amendments to ASA 250......................................................22

Amendments to ASA 260....................................................23-24

Amendments to ASA 300....................................................25-27

Amendments to ASA 315....................................................28-29

Amendments to ASA 320....................................................30-31

Amendments to ASA 402......................................................32

Amendments to ASA 501......................................................33

Amendments to ASA 550....................................................34-35

Amendments to ASA 610......................................................36

Amendments to ASA 700....................................................37-40

Amendments to ASA 701......................................................41

Amendments to ASA 705......................................................42

Amendments to ASA 720....................................................43-44

preface

Obtaining a Copy of this Auditing Standard

This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au

Contact Details

Auditing and Assurance Standards BoardLevel 20, 500 Collins StreetMelbourne Victoria 3000AUSTRALIA	Phone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA