Amendments to ASQM 2Amendments to ASQM 2

Amendments to ASQM 2

1. Paragraph Aus 0.1 of ASQM 2 is amended as follows:
   1. Subparagraph (e) becomes subparagraph (g);
   2. Subparagraph (f) becomes subparagraph (h);
   3. Insert the following new subparagraphs:

‘(e) assurance over information in sustainability reports for the purposes of Chapter 2M of the Corporations Act 2001;

(f) assurance over other sustainability information for other purposes;’

1. Paragraph Aus 0.2 of ASQM 2 is amended as follows:

This ASQM is effective for:

(a) Audits and reviews of a financial report for periods beginning on or after 15 December 2022; and

(b) Audits and reviews over information in sustainability reports and other sustainability information for periods beginning on or after 1 January 2025; and

(bc) Other assurance and related services engagements beginning on or after 15 December 2022. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

1. Paragraph Aus 2.1 of ASQM 2 is amended as follows and footnote ‘*’ removed:

This ASQM applies to all engagements for which an engagement quality review is required to be performed in accordance with ASQM 1.1 This ASQM is premised on the basis that the firm is subject to ASQM 1 or to national requirements that are at least as demanding. This ASQM is to be read in conjunction with relevant ethical requirements. Relevant ethical requirements are defined in paragraph Aus 16.8ASA 102.* Law, regulation or relevant ethical requirements may establish responsibilities for the firm’s management of quality beyond those described in this ASQM (Ref: Para. A2).

1. Paragraph Aus 13.1 of ASQM 2 is amended as follows:

(d) ‘Relevant ethical requirements’ means:

(i) for sustainability assurance engagements, ‘relevant ethical requirements’ as defined in ASSA 5000 General Requirements for Sustainability Assurance Engagements (ASSA 5000); and

(ii) for engagements other than sustainability assurance engagements, ‘relevant ethical requirements’ as defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.

(Ref: Para. A22-A24; A62)

1. Replace ‘APESB Code’ throughout ASQM 2 with ‘the Code’.
2. Insert new paragraph Aus 13.2 after paragraph Aus 13.1 of ASQM 2 as follows:

(e) ‘the Code’ means:

(i) for sustainability assurance engagements, ‘the Code’ as defined in ASSA 5000; and

(ii) for engagements other than sustainability assurance engagements, APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board.