The auditor shall comply with relevant ethical requirements, including those pertaining to independence, relating to a financial report audit engagement.(Ref: Para. A17‑A20)

The auditor shall plan and perform an audit with professional scepticism recognising that circumstances may exist that cause the financial report to be materially misstated.  (Ref: Para. A21‑A25)

The auditor shall exercise professional judgement in planning and performing an audit of a financial report.  (Ref: Para. A26‑A30)

To obtain reasonable assurance, the auditor shall obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion. (Ref: Para. A31‑A57)

Complying with Australian Auditing Standards Relevant to the Audit

The auditor shall comply with all Australian Auditing Standards relevant to the audit.  An Auditing Standard is relevant to the audit when the Auditing Standard is in effect and the circumstances addressed by the Auditing Standard exist.  (Ref: Para. A58‑A62)

The auditor shall have an understanding of the entire text of an Auditing Standard, including its application and other explanatory material, to understand its objectives and to apply its requirements properly.  (Ref: Para. A63‑A72)

The auditor shall not represent compliance with Australian Auditing Standards in the auditor’s report unless the auditor has complied with the requirements of this Auditing Standard and all other Australian Auditing Standards relevant to the audit.  (Ref: Para. Aus A72.1)

Objectives Stated in Individual Auditing Standards

To achieve the overall objectives of the auditor, the auditor shall use the objectives stated in relevant Australian Auditing Standards in planning and performing the audit, having regard to the interrelationships among the Australian Auditing Standards, to: (Ref: Para. A74‑A76)

1. Determine whether any audit procedures in addition to those required by the Australian Auditing Standards are necessary in pursuance of the objectives stated in the Australian Auditing Standards; and (Ref: Para. A77)
2. Evaluate whether sufficient appropriate audit evidence has been obtained.(Ref: Para. A78)

Complying with Relevant Requirements

Subject to paragraph Aus 23.1 of this Auditing Standard, the auditor shall comply with each requirement of an Auditing Standard unless, in the circumstances of the audit:

1. The entire Auditing Standard is not relevant;
2. The requirement is not relevant because it is conditional and the condition does not exist; or (Ref: Para. A79‑A80)

[Deleted by the AUASB.  Refer Aus 23.1]

Where in rare and exceptional circumstances, factors outside the auditor's control prevent the auditor from complying with an essential procedure contained within a relevant requirement, the auditor shall:

1. If possible, perform appropriate alternative audit procedures; and
2. In accordance with ASA 230,^[*] document in the working papers:
   1. The circumstances surrounding the inability to comply;
   2. The reasons for the inability to comply; and
   3. Justification of how alternative audit procedures achieve the objectives of the requirement.

When the auditor is unable to perform the appropriate alternative audit procedures, the auditor shall consider the requirement in paragraph 24 of this Auditing Standard. (Ref: Para. A81-Aus A81.1)

Failure to Achieve an Objective

If an objective in a relevant Auditing Standard cannot be achieved, the auditor shall evaluate whether this prevents the auditor from achieving the overall objectives of the auditor and thereby requires the auditor, in accordance with Australian Auditing Standards, to modify the auditor’s opinion or withdraw from the engagement (where withdrawal is possible under applicable law or regulation). Failure to achieve an objective represents a significant matter requiring documentation in accordance with ASA 230.^[4] (Ref: Para. A82‑A83)