Federal Register of Legislation - Australian Government

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AUASB Repeal of Superseded Auditing Standards 2020

Authoritative Version
Standards/Accounting & Auditing as made
This instrument repeals superseded auditing standards made by the Auditing and Assurance Standards Board that do not automatically sunset.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18
Registered 25 Nov 2020
Tabling HistoryDate
Tabled HR30-Nov-2020
Tabled Senate30-Nov-2020
Table of contents.

Commonwealth Coat of Arms of Australia

 

AUASB Repeal of Superseded Auditing Standards 2020

I, Professor Roger Simnett AO, Chair of the Auditing and Assurance Standards Boards, make the following legislative instrument.

Dated               11 November 2020

Professor Roger Simnett AO

Chair – AUASB

 


Contents

Part 1—Preliminary                                                                           1

1  Name                                                                                                                    1

2  Commencement                                                                                                   1

3  Authority                                                                                                                     1

4  Repeal of redundant instruments                                                                        1

Schedule 1—Repeal of redundant instruments                                                          2

 

 


Part 1—Preliminary

1  Name

This instrument is the AUASB Repeal of Superseded Auditing Standards 2020.

2  Commencement

This instrument commences on the day after it is registered.

3  Authority

This instrument is made pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

4  Repeal of superseded instruments

(1)   Each instrument that is specified in Column 1 of the table in Schedule 1 is repealed.

(2)   Despite the repeal, each instrument in Column 1 continues to apply in relation to any period ending before the period in relation to which the corresponding instrument in Column 2 started to apply under subsection 336(3) of the Corporations Act 2001, as if the repeal had not occurred.

Schedule 1Repeal of redundant instruments

Item

Column 1

Note

Column 2

Note

 

Instrument name and series number (if any)

FRL Identifier

Instrument name and series number (if any)

FRL Identifier

1.       

ASA 100 - Preamble to AUASB Standards - April 2006

F2006L01321

ASA 101 - Preamble to Australian Auditing Standards - October 2009

F2009L04062

2.       

ASA 102 - Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements - October 2009

F2009L04059

Auditing Standard ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (reissued March 2018)

F2018L00434

3.       

Auditing Standard ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (reissued March 2018)

F2018L00434

Auditing Standard ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements (reissued December 2019)

F2019L01673

4.       

ASA 200 - Objective and General Principles Governing an Audit of a Financial Report - April 2006

F2006L01360

ASA 200 -

Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards - October 2009

F2009L04064

5.       

ASA 210 - Terms of Audit Engagements - April 2006

F2006L01364

ASA 210 - Agreeing the Terms of Audit Engagements - October 2009

F2009L04078

6.       

ASA 220 - Quality Control for Audits of Historical Financial Information - April 2006

F2006L01365

ASA 220 - Quality Control for an Audit of a Financial Report and Other Historical Financial Information - October 2009

F2009L04066

7.       

ASA 230 - Audit Documentation - April 2006

F2006L01366

ASA 230 - Audit Documentation - October 2009

F2009L04074

8.       

ASA 240 - The Auditor’s Responsibility to Consider Fraud in an Audit of a Financial Report - April 2006

F2006L01368

ASA 240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report - October 2009

F2009L04075

9.       

ASA 250 - Consideration of Laws and Regulations in an Audit of a Financial Report - April 2006

F2006L01369

ASA 250 - Consideration of Laws and Regulations in an Audit of a Financial Report - October 2009

F2009L04105

10.   

ASA 250 - Consideration of Laws and Regulations in an Audit of a Financial Report - October 2009

F2009L04105

Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report

F2017L01172

11.   

ASA 260 - Communication of Audit Matters with Those Charged With Governance - April 2006

F2006L01370

ASA 260 - Communication with Those Charged with Governance - October 2009

F2009L04067

12.   

ASA 260 - Communication with Those Charged with Governance - October 2009

F2009L04067

ASA 260 -

Communication With Those Charged With Governance - December 2015

F2015L02036

13.   

ASA 300 - Planning an Audit of a Financial Report - April 2006

F2006L01371

ASA 300 -

Planning an Audit of a Financial Report - October 2009

F2009L04077

14.   

ASA 315 - Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement - April 2006

F2006L01372

ASA 315 -

Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment - October 2009

F2009L04079

15.   

ASA 320 - Materiality and Audit Adjustments - April 2006

F2006L01375

ASA 320 - Materiality in Planning and Performing an Audit - October 2009

F2009L04080

16.   

ASA 330 - The Auditor’s Procedures in Response to Assessed Risks - April 2006

F2006L01378

ASA 330 - The Auditor’s Responses to Assessed Risks - October 2009

F2009L04081

17.   

ASA 402 - Audit Considerations Relating to Entities Using Service Organisations - April 2006

F2006L01379

ASA 402 -

Audit Considerations Relating to an Entity Using a Service Organisation - October 2009

F2009L04082

18.   

ASA 500 - Audit Evidence - April 2006

F2006L01380

ASA 500 -

Audit Evidence - October 2009

F2009L04084

19.   

ASA 501 - Existence and Valuation of Inventory - April 2006

F2006L01381

ASA 501 - Audit Evidence - Specific Considerations for Inventory and Segment Information - October 2009

F2009L04085

20.   

ASA 505 - External Confirmations - April 2006

F2006L01382

ASA 505 - External Confirmations - October 2009

F2009L04088

21.   

ASA 508 - Enquiry Regarding Litigation and Claims - April 2006

F2006L01384

ASA 502 - Audit Evidence - Specific Considerations for Litigation and Claims - October 2009

F2009L04086

22.   

ASA 510 - Initial Engagements - Opening Balances - April 2006

F2006L01385

ASA 510 - Initial Audit Engagements - Opening Balances - October 2009

F2009L04089

23.   

ASA 520 - Analytical Procedures - April 2006

F2006L01387

ASA 520 - Analytical Procedures - October 2009

F2009L04090

24.   

ASA 530 - Audit Sampling and Other Means of Testing - April 2006

F2006L01389

ASA 530 - Audit Sampling - October 2009

F2009L04091

25.   

ASA 540 - Audit of Accounting Estimates - April 2006

F2006L01390

ASA 540 -

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures - October 2009

F2009L04092

26.   

ASA 540 -

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures - October 2009

F2009L04092

Auditing Standard ASA 540 Auditing Accounting Estimates and Related Disclosures

F2019L00014

27.   

ASA 545 - Auditing Fair Value Measurements and Disclosures - April 2006

F2006L01395

ASA 540 -

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures - October 2009

F2009L04092

28.   

ASA 550 - Related Parties - October 2006

F2006L03392

ASA 550 - Related Parties - October 2009

F2009L04093

29.   

ASA 560 - Subsequent Events - April 2006

F2006L01396

ASA 560 - Subsequent Events - October 2009

F2009L04094

30.   

ASA 570 - Going Concern - April 2006

F2006L01397

ASA 570 - Going Concern - October 2009

F2009L04095

31.   

ASA 570 - Going Concern - October 2009

F2009L04095

ASA 570 - Going Concern - December 2015

F2015L02015

32.   

ASA 580 - Management Representations - April 2006

F2006L01398

ASA 580 - Written Representations - October 2009

F2009L04096

33.   

ASA 600 - Using the Work of Another Auditor - April 2006

F2006L01399

ASA 600 - Special Considerations – Audits of a Group Financial Report (Including the Work of Component Auditors) - October 2009

F2009L04097

34.   

ASA 610 - Considering the Work of Internal Audit - April 2006

F2006L01400

ASA 610 - Using the Work of Internal Auditors - October 2009

F2009L04098

35.   

ASA 610 - Using the Work of Internal Auditors - October 2009

F2009L04098

ASA 610 - Using the Work of Internal Auditors - November 2013

F2013L01938

36.   

ASA 620 – Using the Work of an Expert – April 2006

F2006L01401

ASA 620 – Using the Work of an Auditor’s Expert - October 2009

F2009L04099

37.   

ASA 700 - The Auditor’s Report on a General Purpose Financial Report - April 2006

F2006L01402

ASA 700 - Forming an Opinion and Reporting on a Financial Report - October 2009

F2009L04100

38.   

ASA 700 - Forming an Opinion and Reporting on a Financial Report - October 2009

F2009L04100

ASA 700 - Forming an Opinion and Reporting on a Financial Report - December 2015

F2015L02013

39.   

ASA 701 - Modifications to the Auditor’s Report - April 2006

F2006L01403

ASA 705 - Modifications to the Opinion in the Independent Auditor’s Report - October 2009

F2009L04101

40.   

ASA 705 - Modifications to the Opinion in the Independent Auditor’s Report - October 2009

F2009L04101

ASA 705 - Modifications to the Opinion in the Independent Auditor's Report - December 2015

F2015L02017

41.   

ASA 706 - Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report - October 2009

F2009L04102

ASA 706 - Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report - December 2015

F2015L02037

42.   

ASA 710 - Comparatives - April 2006

F2006L01404

ASA 710 - Comparative Information - Corresponding Figures and Comparative Financial Reports - October 2009

F2009L04103

43.   

ASA 720 - Other Information in Documents Containing Audited Financial Reports - April 2006

F2006L01405

ASA 720 - The Auditor’s Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report - October 2009

F2009L04104

44.   

ASA 720 - The Auditor’s Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report - October 2009

F2009L04104

ASA 720 - The Auditor's Responsibilities Relating to Other Information - December 2015

F2015L02027

45.   

ASA 800 - The Auditor’s Report on Special Purpose Audit Engagements - April 2006

F2006L01406

ASA 800 - Special Considerations - Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks - October 2009

F2009L04106

46.   

ASA 800 - Special Considerations - Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks - October 2009

F2009L04106

ASA 800 - Special Considerations–Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks - July 2016

F2016L01268

47.   

ASRE 2410 - Review of an Interim Financial Report Performed by the Independent Auditor of the Entity - April 2006

F2006L01407

ASRE 2410 - Review of a Financial Report Performed by the Independent Auditor of the Entity - October 2009

F2009L04107

48.   

ASRE 2410 - Review of a Financial Report Performed by the Independent Auditor of the Entity - October 2009

F2009L04107

Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (July 2020)

F2020L00909