Requirements

Includes: Applicable Standards | General Principles

Applicable Standards

Company or Entity Previously Audited

9

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity as amended.[2] (Ref: Para. A1)

Company Not Previously Audited by the Auditor

10

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has not conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall conduct the review in accordance with ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.[3] (Ref: Para. A2)

11

For purposes of this Auditing Standard, requirements under ASRE 2400 (issued August 2008) are identified in bold‑type in that standard.[4]

General Principles

12

The auditor shall comply with relevant ethical requirements relating to the review of the financial report.[5] (Ref: Para. A3)

13

The auditor shall implement quality control procedures that are applicable to the individual engagement.[6]

2

For financial reporting periods commencing on or after 1 January 2010, see ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, issued October 2009, as amended.

3

See ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity, issued August 2008. For financial reporting periods commencing on or after 1 July 2013, see ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity, (issued March 2013).

4

See ASA 100 Preamble to AUASB Standards, paragraph 9(a).

5

See ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements, as amended.

6

See ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information, as amended, which may be helpful in determining quality control procedures appropriate to a review engagement.