Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.5.01

Adoption of auditing standards made by accounting profession before commencement (Act ss 1455(1) and (3))

             (1)  For subsections 1455(1) and (3) of the Act:

                     (a)  a standard (as in force from time to time) mentioned in the table has effect, for the purposes of the Act, as if it had been made by the AUASB under section 336 of the Act on 1 July 2004; and

                     (b)  a standard mentioned in Part 1 of the table has effect as if it specified that it applies to a financial reporting period ending on or after 1 July 2004; and

                     (c)  a standard mentioned in Part 2 of the table has effect as if it specified that it applies to a financial reporting period beginning on or after 15 December 2004; and

                     (d)  a standard mentioned in Part 3 of the table has effect as if it specified that it applies to a financial reporting period beginning on or after 15 June 2005.

 

Item

AUS No.

Title

Part 1

101

104

Glossary of Terms

102

202

Objective and General Principles Governing an Audit of a Financial Report

Note:      This standard was issued in July 2002.

103

204

Terms of Audit Engagements

104

206

Quality Control for Audit Work

Note:      This standard was issued in July 2002.

105

208

Documentation

106

210

The Auditor's Responsibility to Consider Fraud and Error in an Audit of a Financial Report

Note:      This standard was issued in January 2002.

107

212

Other Information in Documents Containing Audited Financial Reports

108

214

Auditing in a CIS Environment

109

218

Consideration of Laws and Regulations in an Audit of a Financial Report

110

302

Planning

111

304

Knowledge of the Business

112

306

Materiality and Audit Adjustments

113

402

Risk Assessments and Internal Controls

Note:      This standard was issued in July 2002.

114

404

Audit Implications Relating to Entities Using a Service Entity

115

502

Audit Evidence

Note:      This standard was issued in October 1995.

116

504

External Confirmations

117

506

Existence and Valuation of Inventory

118

508

Inquiry Regarding Litigation and Claims

119

510

Initial Engagements - Opening Balances

120

512

Analytical Procedures

121

514

Audit Sampling & Selective Testing Procedures

122

516

Audit of Accounting Estimates

123

518

Related Parties

124

520

Management Representations

125

522

Audit Evidence Implications of Externally Managed Assets of Superannuation, Provident or Similar Funds

126

524

The Auditor's Use of the Work of the Actuary and the Actuary's Use of the Work of the Auditor in Connection with the Preparation and Audit of a Financial Report

127

526

Auditing Fair Value Measurements & Disclosures

128

602

Using the Work of Another Auditor

129

604

Considering the Work of Internal Auditing

130

606

Using the Work of an Expert

131

702

The Audit Report on a General Purpose Financial Report

132

704

Comparatives

133

706

Subsequent Events

134

708

Going Concern

135

710

Communication with Management on Matters Arising from an Audit

136

802

The Audit Report on Financial Information Other than a General Purpose Financial Report

137

902

Review of Financial Reports

Part 2

201

202

Objective and General Principles Governing an Audit of a Financial Report

Note:      This standard was issued in February 2004.

201A

210

The Auditor's Responsibility to Consider Fraud and Error in an Audit of a Financial Report

Note:      This standard was issued in June 2004.

202

402

Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatements

Note:      This standard was issued in February 2004.

203

406

The Auditor's Procedures In Response to Assessed Risks

204

502

Audit Evidence

Note:      This standard was issued in February 2004.

Part 3

301

206

Quality Control for Audits of Historical Financial Information

Note:      This standard was issued in June 2004.

             (2)  In this regulation:

financial reporting period , for a company, registered scheme or disclosing entity, means a financial year or a half-year for which the company, registered scheme or disclosing entity must prepare a financial report.

Note:          Under section 292 of the Act, a disclosing entity, public company, large proprietary company or registered scheme must prepare a financial report for each financial year. Under section 302 of the Act, a disclosing entity must prepare a financial report for each half-year. Section 323D of the Act deals with financial years and half-years.

             (3)  Each standard mentioned in subregulation (1) ceases to have effect in relation to a financial reporting period that ends after 29 June 2007.

   



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