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ISSN 1833-4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT
Auditing Standard ASQM 2 Engagement Quality Reviews (as Amended)
This compilation takes into account amendments made up to and including 28 January 2025 and was prepared on 12 February 2025 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 ASQM 2 (March 2021) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASQM 2 [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
ASA 2025-2 [C]
28 January 2025
from 1 January 2025
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASQM 2
F2021L00416
6 April 2021
7 April 2021
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
ASA 2025-2
F2025L00108
11 February 2025
12 February 2025
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
A32
Amended
ASA 2022-1 [11]
Aus 0.1
Amended
ASA 2025-2 [21]
Aus 0.2
Amended
ASA 2025-2 [22]
Aus 2.1
Amended
ASA 2025-2 [23]
Aus 2.1Footnote *
Deleted
ASA 2025-2 [23]
Aus 13.1
Amended
ASA 2025-2 [24]
A15
Amended
ASA 2025-2 [25]
Aus 13.2
Addition
ASA 2025-2 [26]
A12
Amended
ASA 2025-2 [27]
A13
Amended
ASA 2025-2 [28]
A15
Amended
ASA 2025-2 [29]
A26
Amended
ASA 2025-2 [30]
A26Footnotes 11 and 12
Addition
ASA 2025-2 [30]
Renumbering of footnotes
Amended
ASA 2025-2 [31]
AUTHORITY STATEMENT
Auditing Standard ASQM 2 Engagement Quality Reviews (as amended to 28 January 2025) is set out in paragraphs Aus 0.1 to A53.
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.
Conformity with International Standards on Quality Management
This Auditing Standard conforms with International Standard on Quality Management ISQM 2 Engagement Quality Reviews 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 to, or amended from this Auditing Standard (and do not appear / appear differently in/from the text of the equivalent ISQM 2) are identified with the prefix “Aus”.
The following introductory paragraphs and definitions are additional to or have been amended from ISQM 2:
Paragraph
Summary of Change
Aus 2.1
Replaces ISQM 2 introductory paragraph 2, to introduce ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
Aus 2.2
Additional to ISQM 1 to serve as a reminder that it is the responsibility of the firm to ensure compliance with all relevant legal, regulatory or professional obligations.
Aus 13.1
Replaces ISQM 2 paragraph 13(c) definition of ‘Relevant ethical requirements’. Relevant ethical requirements are defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISQM 2 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISQM 2.