Amendments to ASA 102Amendments to ASA 102

Amendments to ASA 102

1. Existing paragraph 5 is amended to read as follows:

For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

(a) …

(c) Engagement quality control reviewer means engagement quality reviewer as defined in ASQM 1.

(d) Firm means firm as defined in ASQM 1.

(e) Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality reviewer and firm. In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited (APESB) (in November 2018 incorporating all amendments to December 2022), the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.

1. Existing paragraph 6 and its heading are amended to read as follows:

Compliance with Relevant Ethical Requirements (Ref: Para. A1-A7A6)

The auditor, assurance practitioner, engagement quality reviewer, and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.

1. Existing paragraph A1 is amended to read as follows:

The auditor, assurance practitioner, engagement quality reviewer, and firm are to have regard to the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board LimitedAPESB, which are to be taken into account in determining whether relevant ethical requirements referred to in paragraph 6 of this Auditing Standard have been met. In relation to audits and reviews undertaken in accordance with the Corporations Act 2001, the provisions of Division 3 Part 2M.4 of the Act may also apply

1. Existing paragraph A3 is amended to read as follows:

APES 110 provides a conceptual framework that establishes the approach which the auditor, assurance practitioner, engagement quality reviewer and firm are required to apply in order towhen identifying, evaluatinge and addressing threats to compliance with the fundamental principles.

1. Existing paragraph A4 is amended to read as follows:

In the case of audits, reviews and other assurance engagements, APES 110 sets out Independence Standards, established by the application of the conceptual framework to threats to independence in relation to those engagements. APES 110 specifies Independence Standards, which set out requirements and application material on how to apply the conceptual framework to maintain independence when performing audits, reviews or other assurance engagements. The auditor, assurance practitioner, engagement quality reviewer, and firm are required to comply with these standards in order to be independent when conducting such engagements. The conceptual framework to identify, evaluate and address threats to compliance with the fundamental principles applies in the same way to compliance with independence requirements.