Part COMPILATION DETAILS - Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information - COMPILATION DETAILS | Zoe
Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information
COMPILATION DETAILSCOMPILATION DETAILS
Start here
Get a plain-English read of COMPILATION DETAILS
Turn the raw legal text into a practical explanation grounded in Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information.
The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au
Contact Details
Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA
Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.
Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may also require the agreement of IFAC.
ISSN 1833-4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (as Amended)
This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 6 March 2023 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 220 (March 2021) as amended by another Auditing Standard which is listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 220 [A]
10 March 2021
financial reporting periods commencing on or after 15 December 2022
ASA 2022-1 [B]
27 April 2022
financial reporting periods commencing on or after 15 December 2023
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASA 220
F2021L00406
1 April 2021
2 April 2021
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
A22
Addition
ASA 2022-1 [12]
A24
Amended
ASA 2022-1 [13]
A25
Amended
ASA 2022-1 [14]
A53
Amended
ASA 2022-1 [15]
A54
Amended
ASA 2022-1 [16]
A60
Amended
ASA 2022-1 [17]
A76
Deletion
ASA 2022-1 [18]
A92
Amended
ASA 2022-1 [19]
AUTHORITY STATEMENT
Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A120.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 220 Quality Management for an Audit of Financial Statements issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added, or amended in this Auditing Standard (and do not appear in the text of the equivalent ISA or appear differently from the equivalent ISA) are identified with the prefix “Aus”.
The following introductory paragraphs and definitions are additional to, or have been amended from, ISA 220:
Paragraph
Summary of Change
Aus 1.1
Paragraph Aus 1.1 is an additional Australian insertion. The paragraph has been included to remind the auditor that it is their responsibility to ensure compliance with all relevant legal, regulatory or professional obligations such as the Corporations Act 2001.
Aus 12.1
Paragraph Aus 12.1 replaces sub-paragraph 12(d) which has been deleted by the AUASB. The IAASB engagement team definition in sub-paragraph 12(d) contained reference to direct assistance from internal auditors which is prohibited by AUASB Standards.
Aus 12.2
Paragraph Aus 12.2 replaces sub-paragraph 12(h) which has been deleted by the AUASB. The IAASB definition of partner contained reference to “professional services engagement” which is not a term defined by AUASB Standards.
Aus 12.3
Paragraph Aus 12.3 replaces sub-paragraph 12(j) which has been deleted by the AUASB. The IAASB term “professional standards” is not used by the AUASB.
Aus 12.4
Paragraph Aus 12.4 replaces sub-paragraph 12(k) which has been deleted by the AUASB. The AUASB defines relevant ethical requirements in accordance with ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements which is done to give enforceable status to the APESB’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards).
Aus 26.1
Paragraph Aus 26.1 replaces paragraph 26 which has been deleted by the AUASB. The ISA requirement contained a reference to direct assistance from internal auditors which is prohibited by AUASB Standards.
The following application and other explanatory material is additional to, or amended from, ISA 220:
Paragraph
Summary of Change
Aus A21.1
Paragraph Aus A21.1 replaces paragraph A21 which has been deleted by the AUASB. The ISA paragraph contained a reference to direct assistance from internal auditors which is prohibited by AUASB Standards. With the exception of the removal of references to direct assistance, the paragraph is consistent with the ISA equivalent.
Aus A31.1
Paragraph Aus A31.1 replaces sub-paragraph A31(b) which has been deleted by the AUASB. The ISA paragraph contained a reference to direct assistance from internal auditors which is prohibited by AUASB Standards.
Aus A62.1
Paragraph Aus A62.1 replaces paragraph A62 which has been deleted by the AUASB. The ISA paragraph contained a reference to direct assistance from internal auditors which is prohibited by AUASB Standards.
This Auditing Standard incorporates terminology and definitions used in Australia. Minor wording and spelling changes, where the intent remains the same, have not been identified with the prefix “Aus”. Where a significant terminology change has occurred, these are identified with the prefix “Aus”.
Compliance with this Auditing Standard enables compliance with ISA 220.