Fact Sheets for Business: Australian Auditing Standards

Fact sheets for business: Australian Auditing Standards

This series of fact sheets is designed to assist management, directors and audit committee members understand the likely impacts of the new Australian Auditing Standards. The fact sheets can be used as a basis for discussing expected changes with their auditors.

Directors, managers and other individuals with governance responsibilities may see some subtle changes to the audit process, including increased demands for directors' and staff time. They should also be aware of changes to the terminology of the auditor's opinion.

The new standards apply to all audits conducted under the Corporations Act as well as audits undertaken by members of CPA Australia of Australian-based organisations such as sports groups, local schools and not-for-profit organisations.

Overview of AUASB standards and other pronouncements

Fact sheet for management, directors and audit committee members providing an overview of AUASB standards and other pronouncements.

ASA 100 Preamble to AUASB Standards

Fact sheet for management, directors and audit committee members about auditing standard ASA 100 Preamble to AUASB Standards.

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

Fact sheet for management, directors and audit committee members about auditing standard ASA 200 Objective and General Principles Governing an Audit of a Financial Report.

ASA 260 Communication of Audit Matters with Those Charged With Governance

Fact sheet for management, directors and audit committee members about auditing standard ASA 260 Communication of Audit Matters with Those Charged With Governance.

ASA 550 Related Parties

Fact sheet for management, directors and audit committee members about auditing standard ASA 550 Related Parties.

ASA 560 Subsequent Events

Fact sheet for management, directors and audit committee members about auditing standard ASA 560 Subsequent Events.

ASA 570 Going Concern

Fact sheet for management, directors and audit committee members about auditing standard ASA 570 Going Concern.

ASA 580 Management Representations

Fact sheet for management, directors and audit committee members about auditing standard ASA 580 Management Representations.

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

Fact sheet for management, directors and audit committee members about auditing standard ASA 700 The Auditor’s Report on a General Purpose Financial Report.

ASA 701 Modifications to the Auditor's Report

Fact sheet for management, directors and audit committee members about auditing standard ASA 701 Modifications to the Auditor's Report.

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

Fact sheet for management, directors and audit committee members about auditing standard ASA 800 The Auditor's Report on Special Purpose Audit Engagements.

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

Fact sheet for management, directors and audit committee members about auditing standard ASRE 2410 Review of an Interim Financial Report Performed by the Independent Auditor of the Entity.

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