Auditing Standard ASA 2025-4 Amendments to Australian Auditing Standards
Amendments to ASA 220Amendments to ASA 220
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Amendments to ASA 220
- Existing paragraph A92 is amended to read as follows:
The engagement partner exercises professional judgement in identifying the areas of significant judgement made by the engagement team. The firm’s policies or procedures may specify certain matters that are commonly expected to be significant judgements. Significant judgements in relation to the audit engagement may include matters related to the overall audit strategy and audit plan for undertaking the engagement, the execution of the engagement and the overall conclusions reached by the engagement team, for example:
Matters related to planning the engagement, such as matters related to determining materiality.
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The proposed audit opinion and matters to be communicated in the auditor’s report, for example, key audit matters, or matters related to going concerna “Material Uncertainty Related to Going Concern” paragraph.