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ISSN 1833-4393
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
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
Part preface - Auditing Standard ASA 2023-1 Amendments to Australian Auditing Standards - preface | Zoe
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
Reasons for Issuing ASA 2023-1
The AUASB issues Auditing Standard ASA 2023-1 Amendments to Australian Auditing Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
Main Features
This Auditing Standard makes amendments to the requirements and application and other explanatory material and appendices of the following Auditing Standards:
ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Issued December 2019 and amended to March 2021)
ASA 210 Agreeing the Terms of Audit Engagements (Issued October 2009 and amended to March 2021)
ASA 510 Initial Audit Engagements – Opening Balances (Issued October 2009 and amended to June 2020)
ASA 570 Going Concern (Issued December 2015 and amended to November 2021)
ASA 580 Written Representations (Issued October 2009 and amended to December 2018)
ASA 600 Special Considerations – Audits of a Group Financial Report (Issued October 2009 and amended to March 2021)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to September 2021)
ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)
ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued December 2015 and amended to June 2020)
ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued October 2009 and amended to November 2021)
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 Australian Accounting Standards Board (AASB) to AASB 101 Presentation of Financial Statements; changes made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) and editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical matters.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2023-1 Amendments to Australian Auditing Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Dated: 15 March 2023 W Edge
Chair - AUASB
Conformity with International Standards on Auditing
This Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).