Nov13 Compiled Auditing Standard ASA 200 - AUASB
Compiled Auditing StandardASA 200(November 2013)EDAuditing Standard ASA 200Overall Objectives of the IndependentAuditor and the Conduct of an Audit inAccordance with Australian AuditingStandardsEDThis compilation was prepared on 11 November 2013 taking into account amendments made byASA 2013-2SUPERSPrepared by the Auditing and Assurance Standards Board
Obtaining a Copy of this Auditing StandardThe most recently compiled versions of Auditing Standards, original Standards and amendingStandards (see Compilation Details) are available on the AUASB website: www.auasb.gov.auContact DetailsAuditing and Assurance Standards BoardLevel 7, 600 Bourke StreetMelbourne Victoria 3000AUSTRALIAPhone: (03) 8080 7400Fax:(03) 8080 7450E-mail: enquiries@auasb.gov.auRSEDEDPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIAPECOPYRIGHTSU 2013 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australiancopyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining thisnotice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source asbeing the Australian Auditing and Assurance Standards Board (AUASB).Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed tothe Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, MelbourneVictoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Auditing Standard may be reproduced, stored ortransmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by theInternational Auditing and Assurance Standards Board (IAASB) and published by the International Federation ofAccountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. TheAUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in thisAuditing Standard throughout the world.All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retainingthis notice) is permitted for personal and non-commercial use only.Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outsideAustralia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, CollinsStreet West, Melbourne Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may alsorequire the agreement of IFAC.ISSN 1833-4393ASA 200 - compiled-2-AUDITING STANDARD
Auditing Standard ASA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance withAustralian Auditing StandardsCONTENTSCOMPILATION DETAILSAUTHORITY STATEMENTCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITINGParagraphsApplication . Aus 0.1-Aus 0.2Operative Date . Aus 0.3IntroductionEDScope of this Auditing Standard . 1-2An Audit of a Financial Report . 3-9Effective Date .10Overall Objectives of the Auditor . 11-Aus 12.1EDDefinitions . 13-Aus 13.4RequirementsEthical Requirements Relating to an Audit of a Financial Report .14RSProfessional Scepticism.15Professional Judgement .16Sufficient Appropriate Audit Evidence and Audit Risk .17Conduct of an Audit in Accordance with Australian Auditing Standards . 18-24PEApplication and Other Explanatory MaterialAn Audit of a Financial Report .A1-A13Ethical Requirements Relating to an Audit of a Financial Report .A14-A17SUProfessional Scepticism.A18-A22Professional Judgement .A23-A27Sufficient Appropriate Audit Evidence and Audit Risk .A28-A52Conduct of an Audit in Accordance with Australian Auditing Standards .A53-A76ASA 200 - compiled-3-AUDITING STANDARD
Auditing Standard ASA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance withAustralian Auditing StandardsCOMPILATION DETAILSAuditing Standard ASA 200 Overall Objectives of the Independent Auditorand the Conduct of an Audit in Accordance with Australian AuditingStandards (as Amended)This compilation takes into account amendments made up to and including 11 November 2013 andwas prepared on 11 November 2013 by the Auditing and Assurance Standards Board (AUASB).Table of StandardsStandardDate madeEDThis compilation is not a separate Auditing Standard made by the AUASB. Instead, it is arepresentation of ASA 200 (October 2009) as amended by another Auditing Standard which is listedin the Table below.Operative Date[A]27 October 2009ASA 2013-2[B]11 November 2013financial reporting periodscommencing on or after1 January 2010financial reporting periodscommencing on or after1 January 2014EDASA 200Federal Register of Legislative Instruments – registration number F2009L04064,10 November 2009[B]Federal Register of Legislative Instruments – registration number F2013L01939,14 November 2013PERS[A]Table of AmendmentsParagraph affectedSUA17Footnote 9A72Footnote 26ASA 200 - compiledHow affectedBy [paragraph]AmendedASA 2013-2 [28]AmendedASA 2013-2 [29]-4-AUDITING STANDARD
Auditing Standard ASA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance withAustralian Auditing StandardsAUTHORITY STATEMENTAuditing Standard ASA 200 Overall Objectives of the Independent Auditor and the Conduct ofan Audit in Accordance with Australian Auditing Standards (as amended to 11 November 2013)is set out in paragraphs Aus 0.1 to A76.SUPERSDated: 11 November 2013EDEDThis Auditing Standard is to be read in conjunction with ASA 101 Preamble to AustralianAuditing Standards, which sets out the intentions of the AUASB on how the Australian AuditingStandards, operative for financial reporting periods commencing on or after 1 January 2010, areto be understood, interpreted and applied.ASA 200 - compiled-5-AUDITING STANDARD
Auditing Standard ASA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance withAustralian Auditing StandardsConformity with International Standards on AuditingThis Auditing Standard conforms with International Standard on Auditing ISA 200 Overall Objectivesof the Independent Auditor and the Conduct of an Audit in Accordance with International Standardson Auditing issued by the International Auditing and Assurance Standards Board (IAASB), anindependent standard-setting board of the International Federation of Accountants (IFAC).Paragraphs that have been added to this Auditing Standard (and do not appear in the text of theequivalent ISA) are identified with the prefix “Aus”.The following requirements are additional to ISA 200:Subject to paragraph Aus 23.1 of this Auditing Standard, the auditor shall comply with eachrequirement of an Auditing Standard unless, in the circumstances of the audit:The entire Auditing Standard is not relevant;oThe requirement is not relevant because it is conditional and the condition does notexist; oroApplication of the requirement(s) would relate to classes of transactions, accountbalances or disclosures that the auditor has determined are immaterial.EDo(Ref: Para. Aus 22.1)Where in rare and exceptional circumstances, factors outside the auditor's control prevent theauditor from complying with an essential procedure contained within a relevant requirement,the auditor shall:RS ED oIf possible, perform appropriate alternative audit procedures; andoIn accordance with ASA 230, document in the working papers: The reasons for the inability to comply; andJustification of how alternative audit procedures achieve the objectives of therequirement. (Ref: Para. Aus 23.1)SU PE The circumstances surrounding the inability to comply;This Auditing Standard incorporates terminology and definitions used in Australia.The equivalent requirements and related application and other explanatory material included inISA 200 in respect of “relevant ethical requirements”, have been included in another AuditingStandard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews andOther Assurance Engagements. There is no international equivalent to ASA 102.Compliance with this Auditing Standard enables compliance with ISA 200.ASA 200 - compiled-6-AUDITING STANDARD
AUDITING STANDARD ASA 200The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 200 OverallObjectives of the Independent Auditor and the Conduct of an Audit in Accordance with AustralianAuditing Standards pursuant to section 227B of the Australian Securities and Investments CommissionAct 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.This compiled version of ASA 200 incorporates subsequent amendments contained in anotherAuditing Standard made by the AUASB up to and including 11 November 2013 (see CompilationDetails).EDAUDITING STANDARD ASA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit inAccordance with Australian Auditing StandardsThis Auditing Standard applies to:Aus 0.2(a)an audit of a financial report for a financial year, or an audit of a financialreport for a half-year, in accordance with the Corporations Act 2001; and(b)an audit of a financial report, or a complete set of financial statements, for anyother purpose.RSAus 0.1EDApplicationThis Auditing Standard also applies, as appropriate, to an audit of other historicalfinancial information.PEOperative DateAus 0.3This Auditing Standard is operative for financial reporting periods commencing on orafter 1 January 2010. [Note: For operative dates of paragraphs changed or added by an AmendingSUStandard, see Compilation Details.]IntroductionScope of this Auditing Standard1.2.This Auditing Standard deals with the independent auditor’s overall responsibilities whenconducting an audit of a financial report in accordance with Australian Auditing Standards.Specifically, it sets out the overall objectives of the independent auditor, and explains thenature and scope of an audit designed to enable the independent auditor to meet thoseobjectives. It also explains the scope, authority and structure of the Australian AuditingStandards, and includes requirements establishing the general responsibilities of theindependent auditor applicable in all audits, including the obligation to comply with theAustralian Auditing Standards. The independent auditor is referred to as “the auditor”hereafter.Australian Auditing Standards are written in the context of an audit of a financial report by anauditor. They are to be applied as necessary in the circumstances to audits of other historicalfinancial information. Australian Auditing Standards do not address the responsibilities of theauditor that may exist in legislation, regulation or otherwise in connection with, for example,the offering of securities to the public. Such responsibilities may differ from those establishedin the Australian Auditing Standards. Accordingly, while the auditor may find aspects of theASA 200 - compiled-7-AUDITING STANDARD
Auditing Standard ASA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance withAustralian Auditing StandardsAustralian Auditing Standards helpful in such circumstances, it is the responsibility of theauditor to ensure compliance with all relevant legal, regulatory or professional obligations.An Audit of a Financial ReportThe purpose of an audit is to enhance the degree of confidence of intended users in thefinancial report. This is achieved by the expression of an opinion by the auditor on whetherthe financial report is prepared, in all material respects, in accordance with an applicablefinancial reporting framework. In the case of most general purpose frameworks, that opinionis on whether the financial report is presented fairly, in all material respects, or gives a trueand fair view in accordance with the framework. An audit conducted in accordance withAustralian Auditing Standards and relevant ethical requirements enables the auditor to formthat opinion. (Ref: Para. A1)4.The financial report subject to audit is that of the entity, prepared by management of the entitywith oversight from those charged with governance. Australian Auditing Standards do notimpose responsibilities on management or those charged with governance and do not overridelaws and regulations that govern their responsibilities. However, an audit in accordance withAustralian Auditing Standards is conducted on the premise that management and, whereappropriate, those charged with governance have acknowledged certain responsibilities thatare fundamental to the conduct of the audit. The audit of the financial report does not relievemanagement or those charged with governance of their responsibilities. (Ref: Para. A2-A11)5.As the basis for the auditor’s opinion, Australian Auditing Standards require the auditor toobtain reasonable assurance about whether the financial report as a whole is free from materialmisstatement, whether due to fraud or error. Reasonable assurance is a high level ofassurance. It is obtained when the auditor has obtained sufficient appropriate audit evidenceto reduce audit risk (that is, the risk that the auditor expresses an inappropriate opinion whenthe financial report is materially misstated) to an acceptably low level. However, reasonableassurance is not an absolute level of assurance, because there are inherent limitations of anaudit which result in most of the audit evidence on which the auditor draws conclusions andbases the auditor’s opinion being persuasive rather than conclusive. (Ref: Para. A28-A52)6.The concept of materiality is applied by the auditor both in planning and performing the audit,and in evaluating the effect of identified misstatements on the audit and of uncorrectedmisstatements, if any, on the financial report.1 In general, misstatements, including omissions,are considered to be material if, individually or in the aggregate, they could reasonably beexpected to influence the economic decisions of users taken on the basis of the financialreport. Judgements about materiality are made in the light of surrounding circumstances, andare affected by the auditor’s perception of the financial information needs of users of thefinancial report, and by the size or nature of a misstatement, or a combination of both. Theauditor’s opinion deals with the financial report as a whole and therefore, the auditor is notresponsible for the detection of misstatements that are not material to the financial report as awhole.SUPERSEDED3.7.The Australian Auditing Standards contain objectives, requirements and application and otherexplanatory material that are designed to support the auditor in obtaining reasonableassurance. The Australian Auditing Standards require that the auditor exercise professionaljudgement and maintain professional scepticism throughout the planning and performance ofthe audit and, among other things: 1Identify and assess risks of material misstatement, whether due to fraud or error,based on an understanding of the entity and its environment, including the entity’sinternal control.See ASA 320 Materiality in Planning and Performing an Audit, and ASA 450 Evaluation of Misstatements Identified during the Audit.ASA 200 - compiled-8-AUDITING STANDARD
Auditing Standard ASA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance withAustralian Auditing Standards Obtain sufficient appropriate audit evidence about whether material misstatementsexist, through designing and implementing appropriate responses to the assessed risks. Form an opinion on the financial report based on conclusions drawn from the auditevidence obtained.8.The form of opinion expressed by the auditor will depend upon the applicable financialreporting framework and any applicable law or regulation. (Ref: Para. A12-A13)9.The auditor may also have certain other communication and reporting responsibilities to users,management, those charged with governance, or parties outside the entity, in relation tomatters arising from the audit. These may be established by the Australian Auditing Standardsor by applicable law or regulation.210.EDEffective Date[Deleted by the AUASB. Refer Aus 0.3]Overall Objectives of the AuditorED(a)To obtain reasonable assurance about whether the financial report as a whole is freefrom material misstatement, whether due to fraud or error, thereby enabling theauditor to express an opinion on whether the financial report is prepared, in allmaterial respects, in accordance with an applicable financial reporting framework; and(b)To report on the financial report, and communicate as required by the AustralianAuditing Standards, in accordance with the auditor’s findings.RS12.In conducting an audit of a financial report, the overall objectives of the auditor are:In all cases when reasonable assurance cannot be obtained and a qualified opinion in theauditor’s report is insufficient in the circumstances for purposes of reporting to the intendedusers of the financial report, the Australian Auditing Standards require that the auditordisclaim an opinion or withdraw (or resign)3 from the engagement, where withdrawal ispossible under applicable law or regulation.Aus 12.1PE11.In Australian Auditing Standards only the term “withdrawal” is used.13.SUDefinitionsFor the purposes of this Auditing Standard, the following terms have the meanings attributedbelow:(a)Applicable financial reporting framework means the financial reporting frameworkadopted by management and, where appropriate, those charged with governance in thepreparation of the financial report that is acceptable in view of the nature of the entityand the objective of the financial report, or that is required by law or regulation.The term “fair presentation framework” means a financial reporting framework thatrequires compliance with the requirements of the framework and:(i)23Acknowledges explicitly or implicitly that, to achieve fair presentation of thefinancial report, it may be necessary for management to provide disclosuresbeyond those sp
Compiled Auditing Standard ASA 200 (November 2013) Auditing Standard ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards . This compilation was prepared on 11 November 2013 taking into account amendments made by ASA 2013-2 . Prepared by the
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