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ISSN 1030-603X
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Amendments to Auditing Standards............................................7-8
Amendments to ASA 210.....................................................9-10
Amendments to ASA 220......................................................11
Amendments to ASA 230....................................................12-13
Amendments to ASA 250....................................................14-15
Amendments to ASA 260....................................................16-19
Amendments to ASA 315....................................................20-22
Amendments to ASA 450......................................................23
Amendments to ASA 510....................................................24-27
Amendments to ASA 540....................................................28-29
Amendments to ASA 560......................................................30
Amendments to ASA 580......................................................31
Amendments to ASA 600....................................................32-33
Amendments to ASA 610......................................................34
Amendments to ASA 700....................................................35-42
Amendments to ASA 701....................................................43-47
Amendments to ASA 705....................................................48-57
Amendments to ASA 706....................................................58-64
Amendments to ASA 710....................................................65-71
Amendments to ASA 720....................................................72-80
Amendments to ASA 800....................................................81-84
preface
Reasons for Issuing ASA 2025-4
The AUASB issues Auditing Standard ASA 2025-4 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 210 Agreeing the Terms of Audit Engagements (Issued 27 October 2009 and amended to 15 March 2023)
ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (Issued 10 March 2021 and amended to 27 April 2022)
ASA 230 Audit Documentation (Issued 27 October 2009 and amended to 27 April 2022)
ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Issued 30 May 2017 and amended to 27 April 2022)
ASA 260 Communication With Those Charged with Governance (Issued 1 December 2015 and amended to 28 January 2025)
ASA 315 Identifying and Assessing the Risks of Material Misstatement (Issued 1 February 2020 and amended to 27 April 2022)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 510 Initial Audit Engagements-Opening Balances (Issued 27 October 2009 and amended to 15 March 2023)
ASA 540 Auditing Accounting Estimates and Related Disclosures (Issued 5 December 2018 and amended to 5 November 2021)
ASA 560 Subsequent Events (Issued 27 October 2009 and amended to 5 November 2021)
ASA 580 Written Representations (Issued 27 October 2009 and amended to 15 March 2023)
ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued 13 May 2022 and amended to 16 December 2024)
ASA 610 Using the Work of Internal Auditors (Issued 11 November 2013 and amended to 27 April 2022)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 28 January 2025)
ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (Issued 1 December 2015 and amended to 27 April 2022)
ASA 705 Modifications to the Opinion in the Independent Auditor's Report (Issued 1 December 2015 and amended to 15 March 2023)
ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Issued 1 December 2015 and amended to 15 March 2023)
ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports (Issued 27 October 2009 and amended to 15 March 2023)
ASA 720 The Auditor's Responsibilities Relating to Other Information (Issued 1 December 2015 and amended to 28 January 2025)
ASA 800 Special Considerations—Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued 26 July 2016 and amended to 7 September 2021)
The amendments arise from changes made by the International Auditing and Assurance Standards Board (IAASB) to ISA 570 (Revised), Going Concern. Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required to have regard to any programme initiated by the IAASB for the revision and enhancement of the International Standards on Auditing (ISAs) and to make appropriate consequential amendments to the Australian Auditing Standards.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2025-4 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: 14 May 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.