Request for Comments on AUASB Exposure Draft ED 03/21 Proposed Auditing Standard ASA 2021-2 Amendments to Australian Auditing Standard ASA 560 Subsequent Events

Wednesday, June 30, 2021

The AUASB seeks public comment by 30 July 2021 on ED 03/21 Proposed Auditing Standard ASA 2021-2 Amendments to Australian Auditing Standard ASA 560 Subsequent Events.

The key proposals contained in ED 03/21 are to:

• achieve harmonisation with ISA (NZ) 560 Subsequent Events which was amended in February 2020; and
• propose amendments to ASA 560 to clarify the timing of communications and provide guidance on the possible actions the auditor may take when facts become known to the auditor after the financial reports have been issued that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report.

The Explanatory Memorandum accompanying ED 03/21 provides further information on the proposed amendments and stakeholder feedback that is sought.