The following diagram shows the relationships between other bodies and the AUASB.
Each box contains a link to more information.
The Minister appoints the chairman of the Auditing and Assurance Standards Board (AUASB). The Chairman of the AUASB is accountable to the Minister regarding the operations of the AUASB and the Office of the AUASB.
Financial Reporting Council (FRC)
Responsible to the Minister, the FRC provides broad strategic direction and advice to the AUASB and has oversight of the process for setting auditing and assurance standards in Australia.
The FRC appoints Board members to the AUASB for various terms.
Auditing and Assurance Standards Board (AUASB)
The AUASB is the independent statutory agency of the Australian Government responsible for making auditing and assurance standards under section 334 of the Corporations Act. The AUASB participates in and contributes to the development of a single set of international auditing standards for worldwide use.
The Chairman of the AUASB reports to the Minister regarding the organisation’s operations.
Office of the Auditing and Assurance Standards Board (AUASB)
The Office of the AUASB provides technical and administrative services, information and advice to the AUASB. Responsible to the Minister for financial management of the Office of the AUASB, the Chairman of the AUASB is also the chief executive officer of the Office.
Project Advisory Groups
Experts in a particular field or topic area are invited to join an advisory panel to provide advice that will assist the AUASB in progressing specific standard-setting projects. Panels work with the AUASB staff to develop agenda materials for consideration by the Board.
The AUASB holds an annual Consultative Meeting with stakeholders, as a means to gain valuable input from constituents on the AUASB’s initiatives.