Amendments to Australian Auditing StandaAmendments to Australian Auditing Standards

Auditing Standard ASA 2023-1

Amendments to Australian Auditing Standards

Application

1. This Auditing Standard applies to:

• an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and
• an audit of a financial report, or a complete set of financial statements, for any other purpose.

1. This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

1. This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2023.

Introduction

Scope of this Auditing Standard

1. This Auditing Standard makes amendments to Australian Auditing Standards. The amendments represent:
   1. changes arising from narrow-scope amendments made by the Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements;
   2. changes to ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements arising from amendments made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards); and
   3. editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.

Objective

1. The objective of this Auditing Standard is to make amendments to the following Auditing Standards:

   1. ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)

   2. ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)

   3. ASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)

   4. ASA 570 Going Concern (Issued December 2015 and amended to November 2021)

   5. ASA 580 Written Representations (Issued October 2009 and amended to December 2018)

   6. ASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)

   7. ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)