03/2019 - AU - SMSF 5.1 and Audit 2.1

MyWorkpapers are pleased to announce the March 2019 release of updated content for our SMSF and Audit workpaper packs.

Audit (Aus) 2.1 and Audit (Int) 2.1 Workpaper Packs

The Audit (Aus) and Audit (Int) workpaper packs have been updated to ensure compliance with the following revised and updated Auditing Standards.

• ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements
• ASA / ISA 210 Agreeing the Terms of Audit Engagements
• ASA / ISA 220 Quality Control for an Audit of a Financial Report and Other Historical Information
• ASA / ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report
• ASA / ISA 250 Considerations of Laws and Regulations in an Audit of a Financial Report
• ASA / ISA 260 Communication with Those Charged with Governance
• ASA / ISA 450 Evaluation of Misstatements Identified during the Audit
• ASA / ISA 500 Audit Evidence

The updates to these Auditing Standards relate to audits of financial reporting periods commencing on or after 1 January 2018, unless noted otherwise, with early adoption being permitted.

Should you require further details as to the nature of the updates, please visit the AUASB website.

In addition, a new and expanded C1 Internal Control Planning Procedures and Review program has been included, along with the correction of a number of typos and minor wording edits throughout the workpaper packs.

** Effective for engagements with reporting periods ending on or after 31 March 2018. There is no ISA equivalent of this Standard.

Review (Aus) & Review (Int) 2.1 Workpaper Packs

The Review (Aus) workpaper pack has been updated to ensure compliance with ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no ISA equivalent to this standard, therefore no changes were required to the Review (Int) workpaper pack.

Further, a new and expanded C1 Internal Control Planning Procedures and Review program has been included in both of the workpaper packs.

SMSF 5.1 Workpaper Pack

We have made a minor update to the existing SMSF 5.1 workpaper pack, with the addition of a new procedure on the 2.4 File Completion program. 

The new procedure prompts the auditor to consider the requirements of ASA 520 Analytical Procedures at the completion stage of the audit and provides the opportunity to upload or reference to the completion analytical procedures completed on the face of the financial statements or other uploaded supporting documents.