Revised standards have been issued as a result of Quality Management Standards and other pronouncements

Thursday, December 22, 2022

The AUASB has revised thirty standards which are available on the AUASB Website.

Revision to Auditing Standards

These auditing standards have been revised as a result of amendments arising from ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements, ASQM 2 Engagement Quality Reviews and ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information (Quality Management Standards).

Revision to Other AUASB Standards

The AUASB has revised Standards on Assurance Engagements, Standards on Review Engagements and Standards on Related Services as a result of amendments arising from revised APES 110 Code of Ethics for Professional Accountants (including Independence Standards), ASA 315 Identifying and Assessing the Risks of Material Misstatement and Quality Management Standards.

The AUASB is in the process of updating the revised standards on the Digital Portal, watch this space for more information.

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