Table of Contents

Foreword v

Introduction x

Australian Auditing Standards (ASAs)

Introduction

ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other Assurance Engagements and Related Services Engagements 1

ASA 100 Preamble to AUASB Standards 31

ASA 101 Preamble to Australian Auditing Standards 40

ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements 45

Responsibilities

ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards 50

ASA 210 Agreeing the Terms of Audit Engagements 75

ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information 95

ASA 230 Audit Documentation 112

ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report 124

ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report 161

ASA 260 Communication With Those Charged with Governance 177

ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 199

ASA 300 Planning an Audit of a Financial Report 209

ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment 221

ASA 320 Materiality in Planning and Performing an Audit 264

ASA 330 The Auditor’s Responses to Assessed Risks 273

ASA 402 Auditing Considerations Relating to an Entity Using a Service Organisation 292

ASA 450 Evaluation of Misstatements Identified during the Audit 310

ASA 500 Audit Evidence 323

ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information 342

ASA 502 Audit Evidence – Specific Considerations for Litigation and Claims 350

ASA 505 External Confirmations 361

ASA 510 Initial Audit Engagements–Opening Balances 371

ASA 520 Analytical Procedures 383

ASA 530 Audit Sampling 392

ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 404

ASA 550 Related Parties 455

ASA 560 Subsequent Events 476

ASA 570 Going Concern 487

ASA 580 Written Representations 513

ASA 600 Special Considerations-Audits of a Group Financial Report 528

ASA 610 Using the Work of Internal Auditors 567

ASA 620 Using the Work of an Auditor’s Expert 582

Audit Conclusions and Reporting

ASA 700 Forming an Opinion and Reporting on a Financial Report 598

ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report 641

ASA 705 Modifications to the Opinion in the Independent Auditor’s Report 660

ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 684

ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports 699

ASA 720 The Auditor’s Responsibilities Relating to Other Information 721

Specialised Areas

ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks 757

ASA 805 Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 777

ASA 810 Engagements to Report on Summary Financial Statements 798

Standards On Review Engagements (ASREs)

ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity 818

ASRE 2405 Review of Historical Financial Information Other than a Financial Report 880

ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity 911

ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation 960

Standards On Assurance Engagements (ASAEs)

ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information 968

ASAE 3100 Compliance Engagements 1030

ASAE 3150 Assurance Engagements on Controls 1080

ASAE 3402 Assurance Reports on Controls at a Service Organisation 1178

ASAE 3410 Assurance Engagements on Greenhouse Gas Statements 1224

ASAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Historical Financial Information included in a Prospectus or other Document 1286

ASAE 3450 Assurance Engagements involving Corporate Fundraisings and/or Prospective Financial Information 1325

ASAE 3500 Performance Engagements 1420

ASAE 3610/AWAS 2 Assurance Engagements on General Purpose Water Accounting Reports 1447

Standards On Related Services (ASRSs)

ASRS 4400 Agreed-Upon Procedures Engagements to Report Factual Findings 1533

ASRS 4450 Comfort Letter Engagements 1556

Accounting Professional and Ethical Standards Board Statements (APES)

APES 110 (2018) Code of Ethics for Professional Accountants (including Independence Standards) 1595

eChapters

AUASB Framework

Foreword to AUASB Pronouncements

Framework for Assurance Engagements

Guidance Statements (GSs)

GS 001 Concise Financial Reports Under the Corporations Act 2001

GS 002 Audit Implications of Prudential Reporting Requirements for Registered Superannuation Entities

GS 003 Assurance Relating to Australian Financial Services Licences issued under the Corporations Act 2001

GS 004 Audit Implications of Prudential Reporting Requirements for General Insurers and Insurance Groups

GS 005 Using the Work of a Management’s Expert

GS 006 Electronic Publication of the Auditor’s Report

GS 007 Audit Implications of the Use of Service Organisations for Investment Management Services

GS 008 The Auditor’s Report on a Remuneration Report Under Section 300A of the Corporations Act 2001

GS 009 Auditing Self-Managed Superannuation Funds

GS 010 Responding to Questions at an Annual General Meeting

GS 011 Third Party Access to Audit Working Papers

GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions

GS 013 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes

GS 014 Auditing Mortgage Schemes

GS 015 Audit Implications of Accounting for Investments in Associates

GS 016 Bank Confirmation Requests

GS 017 Audit Implications for Prudential Reporting Requirements of a Life Company

GS 018 Franchising Code of Conduct – Auditor’s Report

GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities

GS 020 Special Considerations in Auditing Financial Instruments

GS 021 Engagements under the National Greenhouse and Energy Reporting Scheme, Carbon Pricing Mechanism and Related Schemes

GS 022 Grant Acquittals and Multi-Scope Engagements

Accounting Professional and Ethical Standards Board Statements (APES)

APES 205 Conformity with Accounting Standards

APES 210 Conformity with Auditing and Assurance Standards

APES 215 Forensic Accounting Services

APES 220 Taxation Services

APES 225 Valuation Services

APES 230 Financial Planning Services

APES 305 Terms of Engagement

APES 310 Dealing with Client Monies

APES 315 Compilation of Financial Information

APES 320 Quality Control for Firms

APES 325 Risk Management for Firms

APES 330 Insolvency Services

APES 345 Reporting on Prospective Financial Information prepared in connection with a Public Document

APES 350 Participation by Members in Public Practice in Due Diligence Committees in connection with a Public Document