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Australian Auditing Standards in Clarity format

In line with the strategic direction provided by the Financial Reporting Council, the AUASB revised and redrafted the Australian Auditing Standards, using the equivalent International Standard on Auditing (ISA) as the underlying standards, thereby ensuring conformity with the equivalent ISAs, issued by the International Auditing and Assurance Board (IAASB).

The following Australian Auditing Standards apply to reporting periods commencing on or after 1 January 2010. Australian Auditing Standards contain requirements which the auditor must apply when conducting an audit or review in accordance with the standards, as well as related guidance.

Click here to read the supplementary material that was prepared for the Clarity information sessions held in late December 2009 and early 2010, Overview of the revised and redrafted Australian Auditing Standards.

No.                 Title Notes Approval
Date		 Operative
Date
ASQC 1  Auditing Standard ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements (Compiled) Extra 27 Jun
2011		 1 Jan 2010*   
ASA 101  Preamble to Australian Auditing Standards (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards  Extra  27 Oct 2009   1 Jan 2010   
ASA 210  Agreeing the Terms of Audit Engagements (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 220  Quality Control for an Audit of a Financial Report and Other Historical Financial Information (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 230 Audit Documentation Extra  27 Oct 2009   1 Jan 2010   
ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 260 Communication with Those Charged with Governance (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 265  Communicating Deficiencies in Internal Control to Those Charged with Governance and Management Extra  27 Oct 2009   1 Jan 2010   
ASA 300 Planning an Audit of a Financial Report (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 320 Materiality in Planning and Performing an Audit (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 330 The Auditor's Responses to Assessed Risks Extra  27 Oct 2009   1 Jan 2010   
ASA 402  Audit Considerations Relating to an Entity Using a Service Organisation (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 450 Evaluation of Misstatements Identified during the Audit  Extra  27 Oct 2009   1 Jan 2010   
ASA 500  Audit Evidence (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 501  Audit Evidence—Specific Considerations for Inventory and Segment Information (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 502  Audit Evidence—Specific Considerations for Litigation and Claims (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 505  External Confirmations Extra  27 Oct 2009   1 Jan 2010   
ASA 510  Initial Audit Engagements—Opening Balances  Extra  27 Oct 2009   1 Jan 2010   
ASA 520  Analytical Procedures  Extra  27 Oct 2009   1 Jan 2010   
ASA 530  Audit Sampling  Extra  27 Oct 2009   1 Jan 2010   
ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 550  Related Parties (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 560 Subsequent Events (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 570   Going Concern (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 580   Written Representations (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) Extra  27 Oct 2009   1 Jan 2010   
ASA 610    Using the Work of Internal Auditors  Extra  27 Oct 2009   1 Jan 2010   
ASA 620  Using the Work of an Auditor's Expert  Extra  27 Oct 2009   1 Jan 2010   
ASA 700  Forming an Opinion and Reporting on a Financial Report (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 705  Modifications to the Opinion in the Independent Auditor's Report (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 706  Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 710  Comparative Information—Corresponding Figures and Comparative Financial Reports (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 720    The Auditor's Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report  Extra  27 Oct 2009   1 Jan 2010   
ASA 800  Special Considerations—Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Compiled) Extra  27 Jun
2011		 1 Jan 2010   
ASA 805  Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement    27 Oct 2009   1 Jan 2010   
ASA 810  Engagements to Report on Summary Financial Statements    27 Oct 2009   1 Jan 2010   
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Compiled)  Extra  27 Jun
2011		 1 Jan 2010   

Explanatory Guide: Auditor’s Reports

*Under ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports, Other Financial Information, and Other Assurance Engagements, systems of quality control in compliance with this Auditing Standard are required to be established by 1 January 2010.

Amending Standards

No. Title Issue Date Operative Date
ASA 2011-1 Amendments to Australian Auditing Standards 27 Jun 2011  1 Jul 2011