Corporations Amendment Regulations 2004 (No. 7) (208 of 2004)
Schedule 1 Amendments
[7] After Part 10.2
insert
Part 10.5 Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
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.
|
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 |
|
105 |
208 |
Documentation |
|
106 |
210 |
The Auditor's Responsibility to Consider Fraud and Error in an Audit of a Financial Report |
|
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. |
|
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. |
(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.