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 15 December 2019. Early adoption of this Auditing Standard is permitted prior to this date. [Note: For operative dates of paragraphs changed or added by an Amending …

This Auditing Standard deals with the auditor’s responsibilities relating to accounting estimates and related disclosures in an audit of a financial report. Specifically, it includes requirements and guidance that refer to, or expand on, how ASA 315, [1] …

Accounting estimates vary widely in nature and are required to be made by management when the monetary amounts cannot be directly observed. The measurement of these monetary amounts is subject to estimation uncertainty, which reflects inherent limitations …

Although this Auditing Standard applies to all accounting estimates, the degree to which an accounting estimate is subject to estimation uncertainty will vary substantially. The nature, timing and extent of the risk assessment and further audit procedures …

This Auditing Standard requires a separate assessment of inherent risk for identified risks of material misstatement at the assertion level . [5] In the context of ASA 540, and depending on the nature of a particular accounting estimate, the …

This Auditing Standard refers to relevant requirements in ASA 315 and ASA 330, and provides related guidance, to emphasise the importance of the auditor’s decisions about controls relating to accounting estimates, including decisions about whether: There …

ASA 315 also requires a separate assessment of control risk when assessing the risks of material misstatement at the assertion level. In assessing control risk, the auditor takes into account whether the auditor’s further audit procedures contemplate …

This Auditing Standard emphasises that the auditor’s further audit procedures (including, where appropriate, tests of controls) need to be responsive to the reasons for the assessed risks of material misstatement at the assertion level, taking into …