Auditing Standard ASA 2025-1 Amendments to Australian Auditing Standards
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Main Features
This Auditing Standard amends the requirements and application and other explanatory material and appendices of the following Auditing Standards:
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued December 2015 and amended to March 2023)
ASA 260 Communication With Those Charged With Governance (Issued December 2015 and amended to March 2021)
ASA 2025-1 amends:
- ASA 700 in connection with disclosure concerning the application of auditor independence requirements in the Code in audit reports of public interest entities and certain other entities; and
- ASA 260 to require the auditor to communicate to those charged with governance of an audited entity on the application of the auditor independence requirements.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2025-1 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: 28 January 2025 D Niven
Chair - AUASB
Conformity with International Standards on Auditing
This Auditing Standard makes amendments to other auditing standards that are consistent with changes made by the International Auditing and Assurance Standards Board to the equivalent International Standard on Auditing.