ASA 2012-1 - Amending Standard to ASA 570 Going Concern - July 2012

Link to law: https://www.comlaw.gov.au/Details/F2012L01671

 
 
ASA 2012-1
(July 2012)
Auditing Standard ASA 2012-1
Amending Standard to
ASA 570 Going Concern
Issued by the Auditing and Assurance Standards Board
Obtaining a Copy of this Auditing Standard
This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
Contact Details
Auditing and Assurance Standards Board
Level 7, 600 Bourke Street
Melbourne   Victoria   3000
AUSTRALIA
Phone:  (03) 8080 7400
Fax:      (03) 8080 7450
E-mail: enquiries@auasb.gov.au
 
Postal Address:
PO Box 204
Collins Street West
Melbourne   Victoria   8007
AUSTRALIA
COPYRIGHT
© 2012 Commonwealth of Australia.  The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007.  Otherwise, no part of the Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1833-4393
CONTENTS
PREFACE
AUTHORITY STATEMENT
Paragraphs
Application.......................................................................................................... Aus 0.1-Aus 0.2
Operative Date................................................................................................................. Aus 0.3
Introduction
Scope of this Auditing Standard................................................................................................... 1
Objective..................................................................................................................................... 2
Definition.................................................................................................................................... 3
Amendments to Auditing Standard
Amendments to ASA 570............................................................................................................ 4
 
preface
Reasons for Issuing ASA 2012-1
The Auditing and Assurance Standards Board (AUASB) issues Auditing Standard ASA 2012-1 Amending Standard to ASA 570 Going Concern, pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB is an independent statutory committee of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act).  Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation.  These Auditing Standards are legislative instruments under the Legislative Instruments Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
Auditing Standard Amended by ASA 2012-1
This Auditing Standard makes amendments to Auditing Standard ASA 570 Going Concern.
Main Features
This Auditing Standard makes amendments to ASA 570 Going Concern comprising [Aus] Appendix 1 Linking Going Concern Considerations and Types of Audit Opinions.
The amendments are editorial improvements in nature and do not have an impact on the requirements of the Auditing Standard.
 
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2012-1 Amending Standard to ASA 570 Going Concern, pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
 
 
Dated: 31 July 2012                                                                                               M H Kelsall
                                                                                                                      Chairman - AUASB
 
Auditing Standard ASA 2012-1
Amending Standard to
ASA 570 Going Concern
Application
Aus 0.1            This Auditing Standard applies to:
(a)        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
(b)       an audit of a financial report, or a complete set of financial statements, for any other purpose.
Aus 0.2            This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.
Operative Date
Aus 0.3            This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2012.
Introduction
Scope of this Auditing Standard
1.                  This Auditing Standard makes amendments to [Aus] Appendix 1 of Australian Auditing Standard, ASA 570 Going Concern.  The amendments arise from an AUASB decision to improve the content and layout of the diagram in [Aus] Appendix 1 Linking Going Concern Considerations and Types of Audit Opinions and have no impact on the requirements of
ASA 570.
Objective
2.                  The objective of this Auditing Standard is to make amendments to ASA 570 Going Concern.
Definition
3.                  For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary.  This Auditing Standard does not introduce new definitions.
Amendments to Auditing Standard
Amendments to ASA 570
4.                  The diagram contained in [Aus] Appendix 1 Linking Going Concern Considerations and Types of Audit Opinions is withdrawn and replaced with a new diagram as follows:


 
Conformity with International Standards on Auditing
This Auditing Standard has been made for Australian legislative purposes and there is no equivalent International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC).
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