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 …

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

This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 201 0.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation …

Evaluating the Audit Evidence Obtained from the Risk Assessment Procedures …

This Auditing Standard deals with the auditor’s responsibilities relating to related party relationships and transactions in an audit of a financial report.  Specifically, it expands on how ASA 315, [1] ASA 330, [2] and ASA 240 [3] are to be applied in …

Many related party transactions are in the normal course of business.  In such circumstances, they may carry no higher risk of material misstatement of the financial report than similar transactions with unrelated parties.  However, the nature of related …

Because related parties are not independent of each other, many financial reporting frameworks establish specific accounting and disclosure requirements for related party relationships, transactions and balances to enable users of the financial report to …

Even if the applicable financial reporting framework establishes minimal or no related party requirements, the auditor nevertheless needs to obtain an understanding of the entity’s related party relationships and transactions sufficient to be able to …

In addition, an understanding of the entity’s related party relationships and transactions is relevant to the auditor’s evaluation of whether one or more fraud risk factors are present as required by ASA 240, [4] because fraud may be more easily committed …

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial report may not be detected, even though the audit is properly planned and performed in accordance with the Australian Auditing …