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Auditing and Assurance Handbook 2012: Incorporating all the Standards as at 1 December 2011


The Institute of Chartered Accountants in Australia’s Auditing and Assurance Handbook 2012 incorporates all of the new and revised Australian Auditing Standards in Clarity format, Guidance Statements and Professional and Ethical Standards as issued at 1 December 2011.

New to the 2012 edition are:

  • The paper Understanding Financial Statement Audits: A Guide for Financial updated and revised to reflect contemporary AustralianAgreed-Upon Procedures Statement Users auditing practice.
  • The Standard on Related Services ASRS 4400 Agreed-Upon Procedures Engagements to Report Factual Findings.
  • A number of revised Guidance Statements, covering issues such as auditing the revenue of not-for-profit entities and auditing superannuation funds, updated for the Clarity Standards.
  • APESB Standards, APES 310 Dealing with Client Monies and APES 325 Risk Management for Firms

Where necessary, Standards have also been updated for the minor amendments included in the AUASB’s amending Standards.

For material issued after 1 December 2011, please refer to and, which are regularly updated throughout the year.

The companion volume to this handbook, the Institute of Chartered Accountants in Australia’s Financial Reporting Handbook 2012, brings together all of the Australian Accounting Standards and Interpretations as issued at 1 December 2011.

Stephanie Kemp MA (Dunelm), FCA is an independent Reporting and Assurance Consultant specialising in financial reporting and auditing standards. For a number of years, she was part of the Leadership and Quality Team at the Institute of Chartered Accountants in Australia. Stephanie is the author of numerous articles in the Institute’s journal and has provided regular technical updates to accounting professionals via the Institute’s journal, Charter, and has provided regular technical updates to accounting professionals via the Institute’s electronic newsletter Accounting and Audit News Today (ANT). Before joining the team at the Institute, Stephanie worked as an auditor initially, and then in the internal quality control and technical sections of medium and large accounting firms in the United Kingdom and Australia.

Foreword v

About the Technical Editor vi

Introduction xii

About the Institute of Chartered Accountants in Australia xv

Overview xvi

Understanding Financial Statement Audits: A Guide for Financial Statement Users 1



Foreword to AUASB Pronouncements 31

AUASB Glossary 42

Framework for Assurance Engagements 68

ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements 90

ASA 100 Preamble to AUASB Standards 120

ASA 101 Preamble to Australian Auditing Standards 130

ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements 136


ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards 143

ASA 210 Agreeing the Terms of Audit Engagements 169

ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information 189

ASA 230 Audit Documentation 206

ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report 219

ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report 256

ASA 260 Communication with Those Charged with Governance 270

ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 291


ASA 300 Planning an Audit of a Financial Report 302

ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment 314

ASA 320 Materiality in Planning and Performing an Audit 354

ASA 330 The Auditor’s Responses to Assessed Risks 364

Internal Control

ASA 402 Audit Considerations Relating to an Entity Using a Service Organisation 383

ASA 450 Evaluation of Misstatements Identified during the Audit 402

Audit Evidence

ASA 500 Audit Evidence 413

ASA 501 Audit Evidence--Specific Considerations for Inventory and Segment Information 429

ASA 502 Audit Evidence--Specific Considerations for Litigation and Claims 439

ASA 505 External Confirmations 452

ASA 510 Initial Audit Engagements--Opening Balances 463

ASA 520 Analytical Procedures 475

ASA 530 Audit Sampling 483

ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 496

ASA 550 Related Parties 531

ASA 560 Subsequent Events 554

ASA 570 Going Concern 565

ASA 580 Written Representations 592

Using the Work of Others

ASA 600 Special Considerations--Audits of a Group Financial Report (Including the Work of Component Auditors) 607

ASA 610 Using the Work of Internal Auditors 647

ASA 620 Using the Work of an Auditor’s Expert 657

Explanatory Guide: Auditor’s Reports 674

ASA 700 Forming an Opinion and Reporting on a Financial Report 690

ASA 705 Modifications to the Opinion in the Independent Auditor’s Report 722

ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 747

ASA 710 Comparative Information--orresponding Figures and Comparative Financial Reports 763

ASA 720 The Auditor’s Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report 785

Specialised Areas

ASA 800 Special Considerations--Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks 792

ASA 805 Special Considerations--Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 811

ASA 810 Engagements to Report on Summary Financial Statements 827


Explanatory Guide to AUASB Standards Applicable to Review Engagements 848

ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity 856

ASRE 2405 Review of Historical Financial Information Other than a Financial Report 900

ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity 931

ASRE 2415 Review of a Financial Report - Company Limited by Guarantee 984


ASAE 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information 991

ASAE 3100 Compliance Engagements 1015

ASAE 3402 Assurance Reports on Controls at a Service Organisation 1036

ASAE 3500 Performance Engagements 1085


ASRS 4400 Agreed-Upon Procedures Engagements to Report Factual Findings 1105


AUS 804 The Audit of Prospective Financial Information 1131

AUS 810 Special Purpose Reports on the Effectiveness of Control Procedures 1144


AGS 1014 Privity Letter Requests 1168

AGS 1030 Auditing Derivative Financial Instruments 1178

AGS 1062 Reporting in Connection with Proposed Fundraisings 1209


GS 001 Concise Financial Reports Under the GS 002 Special Considerations in the Audit of Risk Management Requirements for Registrable Superannuation Entities and Licensees 1264

GS 003 Audit and Review Requirements for Australian Financial Services Licensees under the GS 004 Audit Implications of Prudential Reporting Requirements for General Insurers 1307

GS 005 Using the Work of an Actuary 1337

GS 006 Electronic Publication of the Auditor’s Report 1344

GS 007 Audit Implications of the Use of Service Organisations for Investment Management Services 1351

GS 008 The Auditor’s Report on a Remuneration Report under Section 300A of the

GS 009 Auditing Self-Managed Superannuation Funds 1413

GS 010 Responding to Questions at an Annual General Meeting 1521

GS 011 Third Party Access to Audit Working Papers 1530

GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions 1556

GS 013 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes 1611

GS 014 Auditing Mortgage Schemes 1627

Corporations Act 2001 1244Corporations Act 2001 1280Corporations Act 2001 1404

GS 015 Audit Implications of Accounting for Investments in Associates 1633

GS 016 Bank Confirmation Requests 1641

GS 017 Prudential Reporting Requirements for Auditors of a Life Company 1665

GS 018 Franchising Code of Conduct - Auditor’s Reports 1698

GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities 1706


APES 110 Code of Ethics for Professional Accountants 1724

APES 110 Amendment to the Definition of Public Interest Entity 1824

APES 205 Conformity with Accounting Standards 1828

APES 210 Conformity with Auditing and Assurance Standards 1834

APES 215 Forensic Accounting Services 1839

APES 220 Taxation Services 1849

APES 225 Valuation Services 1858

APES 305 Terms of Engagement 1869

APES 310 Dealing with Client Monies 1874

APES 315 Compilation of Financial Information 1886

APES 320 Quality Control for Firms 1899

APES 320 APESB Technical Update 1927

APES 325 Risk Management for Firms 1928

APES 330 Insolvency Services 1934

APES 345 Reporting on Prospective Financial Information Prepared in Connection with a Disclosure Document 1951

APES 350 Participation by Members in Public Practice in Due Diligence Committees in Connection with a Public Document 1959


APS 12 Statement of Financial Advisory Service Standards 1984


A1 Supplemental Royal Charter 2006

A2 By-Laws 2016

G1 Fees 2050

GN1 Members in Business Guidance Statement 2053

N1 Books and Papers: Ownership, Possession and Disclosure 2070

N2 Money Laundering Guidelines 2078

N3 Risk Management Guidelines 2085

N6 Reporting of Fraud and Other Illegal Acts 2106

N7 Arrangements to Cover the Incapacity or Death of a Sole Practitioner 2112

Glossary of Terms 2115

Audit Conclusions and Reporting