Auditing Standard ASA 2022-1 Amendments to Australian Auditing Standards
Amendments to ASA 501Amendments to ASA 501
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Amendments to ASA 501
- Existing paragraph A3 is amended to read as follows:
Matters relevant in planning attendance at physical inventory counting (or in designing and performing audit procedures pursuant to paragraphs 4-8 of this Auditing Standard) include, for example:
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The locations at which inventory is held, including the materiality of the inventory and the risks of material misstatement at different locations, in deciding at which locations attendance is appropriate. ASA 600[4] deals with the involvement of other auditors and accordingly may be relevant if such involvement is with regards to attendance of physical inventory counting at a remote location.
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