Auditing Standard ASA 2024-1Auditing Standard ASA 2024-1

Auditing Standard ASA 2024-1

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 2025.

Introduction

Scope of this Auditing Standard

1. This Auditing Standard makes amendments to ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued May 2022). The amendments represent editorial corrections to revise minor inaccuracies in ASA 600.

Objective

1. The objective of this Auditing Standard is to make amendments to ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued May 2022).

Definition

1. For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary. This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

1. Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.
2. Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.

Amendments to ASA 600

Amendments to ASA 600 Appendix 1: [Aus] Illustration 1A

1. [Aus] Illustration 1A: Illustration of Independent Auditor’s Report When the Group Auditor Is Not Able to Obtain Sufficient Appropriate Audit Evidence on Which to Base the Group Audit Opinion – General Purpose Financial Report, Qualified Opinion under the Corporations Act 2001, is amended to read as follows: