Introduction

Includes: Scope of this Auditing Standard, Effective Date

Scope of this Auditing Standard

1

This Auditing Standard deals with the auditor’s responsibility to evaluate the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial report.  ASA 700 deals with the auditor’s responsibility, in forming an opinion on the financial report, to conclude whether reasonable assurance has been obtained about whether the financial report as a whole is free from material misstatement.  The auditor’s conclusion required by ASA 700 takes into account the auditor’s evaluation of uncorrected misstatements, if any, on the financial report, in accordance with this Auditing Standard.[1]  ASA 320[2] deals with the auditor’s responsibility to apply the concept of materiality appropriately in planning and performing an audit of a financial report.

Effective Date

2

[Deleted by the AUASB.  Refer Aus 0.3]

1

See ASA 700 Forming an Opinion and Reporting on a Financial Report, paragraphs 10‑11.

2

See ASA 320 Materiality in Planning and Performing an Audit.