Commonwealth legislation

Auditing Standard ASA 2023-1 Amendments to Australian Auditing Standards

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

6/10 complexity

This amending Auditing Standard (ASA 2023-1) updates many Australian Auditing Standards to reflect narrow-scope changes in AASB 101, amendments to APES 110, and to correct editorial errors. It revises ethical references, certain definitions and dozens of illustrative auditor-report and appendix wordings. The changes apply to audits under the Corporations Act and other audits, and are operative for reporting periods commencing on or after 1 January 2023.

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Deep Dive

4,862 words · generated 14/06/2026

What it does

ASA 2023-1 is an AUASB amending instrument that updates a range of Australian Auditing Standards (ASAs) and their illustrative appendices. The amending standard is made by the Auditing and Assurance Standards Board under the ASIC Act and the Corporations Act (Authority Statement, dated 15 March 2023) and is a legislative instrument for Australian purposes. It is operative for financial reporting periods commencing on or after 1 January 2023 (Operative Date).

Mechanically, ASA 2023-1:

inserts, deletes and rewords specific paragraphs and application material across multiple existing ASAs (the instrument uses underlining/striking-out in the issued text to identify amendments, but the amendments themselves do not include markup; see Amendments to Auditing Standards, paras 1-2);
aligns terminology and cross‑references with ASQM 1 (for example, defining "engagement quality control reviewer" and "firm" by reference to ASQM 1 in amended ASA 102, para. 5(c)-(d));
requires auditors, assurance practitioners, engagement quality reviewers and firms to comply with "relevant ethical requirements", explicitly referring to APES 110 (including Independence Standards) as amended to December 2022, and to applicable provisions of the Corporations Act 2001 (amendments to ASA 102, paras 5(e) and 6);
updates the wording in numerous illustrative auditor’s report templates and appendices across ASA 210, 510, 570, 600, 700, 705, 706, 710, 720 and others to change phrasing (notably the insertion, expansion or repositioning of the phrase "material accounting policy information a summary of significant accounting policies" within the report introductions and opinion paragraphs);
incorporates narrow-scope consequential changes that arise from AASB amendments to AASB 101 Presentation of Financial Statements and from APESB changes to APES 110; and

Current sections

Direct links to the current provisions in Auditing Standard ASA 2023-1 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

© 2023 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 ASA 102.....................................................9-16

Amendments to ASA 210......................................................17

Amendments to ASA 510....................................................18-19

Amendments to ASA 570....................................................20-23

Amendments to ASA 580......................................................24

Amendments to ASA 600....................................................25-26

Amendments to ASA 700....................................................27-30

Amendments to ASA 705....................................................31-35

Amendments to ASA 706....................................................36-37

Amendments to ASA 710....................................................38-43

Amendments to ASA 720....................................................44-50

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