Auditing Standard ASA 2022-1 Amendments to Australian Auditing Standards
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This Auditing Standard makes amendments to the requirements and application & other explanatory material and appendices of the following Auditing Standards:
ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements (Issued March 2021)
ASQM 2 Engagement Quality Reviews (Issued March 2021)
ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (Issued March 2021)
ASA 230 Audit Documentation (Issued October 2009 and amended to March 2021)
ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Issued October 2009 and amended to November 2021)
ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Issued May 2017 and amended to March 2021)
ASA 260 Communication With Those Charged With Governance (Issued December 2015 and amended to March 2021)
ASA 300 Planning an Audit of a Financial Report (Issued October 2009 and amended to March 2021)
ASA 315 Identifying and Assessing the Risks of Material Misstatement (Issued February 2020 and amended to March 2021)
ASA 320 Materiality in Planning and Performing an Audit (Issued October 2009 and amended to March 2020)
ASA 402 Auditing Considerations Relating to an Entity Using a Service Organisation (Issued October 2009 and amended to March 2020)
ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information (Issued October 2009 and amended to March 2020)
ASA 550 Related Parties (Issued October 2009 and amended to November 2021)
ASA 610 Using the Work of Internal Auditors (Issued November 2013 and amended to November 2021)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)
ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (Issued December 2015 and amended to March 2021)
ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)
ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued December 2015 and amended to March 2021)
The amendments arise from changes made by the International Auditing and Assurance Standards Board (IAASB) to ISA 600 (Revised) Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors). Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the International Standards on Auditing (ISAs) and to make appropriate consequential amendments to the Australian Auditing Standards.