CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application......................................................Aus 0.1-Aus 0.2

Operative Date.........................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Key Concepts in this ASA.....................................................2-8

Scalability..................................................................9

Effective Date..............................................................10

Objective.................................................................11

Definitions................................................................12

Requirements

Risk Assessment Procedures and Related Activities.................................13-18

Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity’s System of Internal Control 19-27

Identifying and Assessing the Risks of Material Misstatement.........................28-37

Documentation..............................................................38

Application and Other Explanatory Material

Definitions.............................................................A1-A10

Risk Assessment Procedures and Related Activities..............................A11-A47

Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity’s System of Internal Control A48-A183

Identifying and Assessing the Risks of Material Misstatement.....................A184-A236

Documentation.......................................................A237-A241

Appendix 1: Considerations for Understanding the Entity and its Business Model

Appendix 2: Understanding Inherent Risk Factors

Appendix 3: Understanding the Entity’s System of Internal Control

Appendix 4: Considerations for Understanding an Entity’s Internal Audit Function

Appendix 5: Considerations for Understanding Information Technology (IT)

Appendix 6: Considerations for Understanding General IT Controls