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29 Jun. 2017

New amending standard ASA 2017-1 issued

The AUASB has issued ASA 2017-1 Amendments to Australian Auditing Standards which amends the following Auditing Standards:

  • ASA 210 Agreeing the Terms of Audit Engagements
  • ASA 700 Forming an Opinion and Reporting on a Financial Report
  • ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report
  • ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks
  • ASA 805 Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.

Most of the amendments are editorial in nature, except for the amendment to ASA 701 which relates to auditor’s reports on audited condensed financial reports.  Aus 5.1 has been added to ASA 701 as follows:

"Key audit matters are not required to be communicated in auditor’s reports on condensed financial reports prepared in accordance with AASB 134 Interim Financial Reporting."

In addition, the AUASB considered the application of ASA 701 and the communication of KAMs to the following scenarios:

  • auditor’s reports on financial reports containing parent entity and consolidated financial statements (4 column financial reports)
  • auditor’s reports on stapled security groups and separate issuer’s financial reports.

The AUASB decided not to amend ASA 701 for these scenarios.

To assist stakeholders in understanding the matters considered by the AUASB in reaching this conclusion, refer to the Basis for Conclusions ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report.

For further details on the amendments refer to ASA 2017-1. 

Updated versions of ASA 210, ASA 700, ASA 701, ASA 800 and ASA 805 will be available shortly on the AUASB website.

Please direct comments or questions to enquiries@auasb.gov.au.