Revised standards have been issued as a result of the revised ASA 600

Wednesday, December 20, 2023

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

• 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  
• ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information  
• ASA 230 Audit Documentation  
• ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report  
• ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report  
• ASA 260 Communication With Those Charged With Governance  
• ASA 300 Planning an Audit of a Financial Report  
• ASA 315 Identifying and Assessing the Risks of Material Misstatement  
• ASA 320 Materiality in Planning and Performing an Audit  
• ASA 402 Auditing Considerations Relating to an Entity Using a Service Organisation  
• ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information  
• ASA 550 Related Parties  
• ASA 610 Using the Work of Internal Auditors  
• ASA 700 Forming an Opinion and Reporting on a Financial Report  
• ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report 
• ASA 705 Modifications to the Opinion in the Independent Auditor's Report 
• ASA 720 The Auditor's Responsibilities Relating to Other Information  

These auditing standards have been revised as a result of amendments arising from ASA 600 Audits of a Group Financial Report (Including the Work of Component Auditors). The revised standards are also accessible via the Digital Portal.