Auditing Standard ASA 2024-1
Amendments to Australian Auditing Standards

Issued by the Auditing and Assurance Standards Board

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ISSN 1833-4393

CONTENTS

PREFACE

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Application...............................................................1-2

Operative Date..............................................................3

Introduction

Scope of this Auditing Standard..................................................4

Objective..................................................................5

Definition..................................................................6

Amendments to Auditing Standards............................................7-8

Amendments to ASA 600.......................................................9

preface

Reasons for Issuing ASA 2024-1

The AUASB issues Auditing Standard ASA 2024-1 Amendments to Australian Auditing Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.

The AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act).  Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation.  These Auditing Standards are legislative instruments under the Legislation Act 2003.

Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.

Main Features

This Auditing Standard makes amendments to the requirements and application and other explanatory material and appendices of the following Auditing Standard:

ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued May 2022)

The amendments arise from editorial corrections to revise minor inaccuracies in ASA 600. 

Dated: 16 December 2024  D Niven
 Chair - AUASB

Conformity with International Standards on Auditing

This Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Auditing Standard ASA 2024-1

Amendments to Australian Auditing Standards

Application

1.                    This Auditing Standard applies to:

• an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and
• an audit of a financial report, or a complete set of financial statements, for any other purpose.

1.                    This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

1.                    This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2025.

Introduction

Scope of this Auditing Standard

1.                    This Auditing Standard makes amendments to ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued May 2022). The amendments represent editorial corrections to revise minor inaccuracies in ASA 600.

Objective

1.                    The objective of this Auditing Standard is to make amendments to ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) (Issued May 2022).

Definition

1.                    For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.

Amendments to Auditing Standards

1.                    Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.
2.                    Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.

Amendments to ASA 600

Amendments to ASA 600 Appendix 1: [Aus] Illustration 1A

1.                    [Aus] Illustration 1A: Illustration of Independent Auditor’s Report When the Group Auditor Is Not Able to Obtain Sufficient Appropriate Audit Evidence on Which to Base the Group Audit Opinion – General Purpose Financial Report, Qualified Opinion under the Corporations Act 2001, is amended to read as follows:

INDEPENDENT AUDITOR’S REPORT

…

Qualified Opinion

We have audited the consolidated financial report of ABC Company and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December, 20X1, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial report, including material accounting policy information a summary of significant accounting policies, and the directors’ declaration.

 …