Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information
Conformity with International Standards Conformity with International Standards on Auditing
Start here
Get a plain-English read of Conformity with International Standards
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.
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: