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22 Dec. 2016

AUASB invites comments on Exposure Drafts 05/16, 06/16 and 07/16

The AUASB invites comments on the following Exposure Drafts:

  • 05/16 Proposed Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
  • 06/16 ASA 2016-1 Amendments to Australian Auditing Standards
  • 07/16 ASA 2016-2 Amendments to Australian Auditing Standards.
     

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

Exposure Drafts 05/16 and 06/16 include proposed revisions to ASA 250 to align to recent changes made by the International Auditing and Assurance Standards Board (IAASB) to its equivalent International Standards on Auditing.

The exposure drafts have been issued in response to the new requirements addressing non-compliance with laws and regulations (NOCLAR) proposed by the APESB in their exposure draft Proposed Amendments to APES 110 Code of Ethics for Professional Accountants issued on 16 December 2016.

The changes arising from ED 05/16 and 06/16 will be effective for audits of financial reports for periods ending on or after 15 December 2017.

Please forward any comments via the AUASB website no later than 15 March 2017.

Amendments to ASA 700 Forming an Opinion and Reporting on a Financial Report and ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report.

Exposure Draft 07/16 includes proposed revisions to ASA 700 and ASA 701, to address Australian specific scenarios.

Please forward any comments via the AUASB website no later than 23 January 2016.

Comment letters should be lodged in PDF and Word formats. PDF documents will subsequently be published on the website (unless marked as confidential) while Word documents are required for internal use only.