AUASB issues Exposure Draft ED 01/13 for corrections to the ASAs and to amend ASRS 4400

The AUASB has released Exposure Draft ED 01/13 comprising the following proposals:

• Part A – Minor amendments to the Auditing Standards relating to typographical errors and other editorial corrections. 

• Part B – Amendments to ASRS 4400 to remove the limitations on distribution of a report of factual findings in an agreed-upon procedures engagement, but retention of the restriction of use of that report.

Comments on the ED are requested by no later than 26 June 2013.... Read more

AUASB issues revised Guidance Statement GS 004

The AUASB has issued revised Guidance Statement GS 004 Audit Implications of Prudential Reporting Requirements for General Insurers and Insurance Groups.... Read more

Highlights from the 29 April 2013 Meeting

The AUASB has released the Highlights from its 29 April 2013 meeting.... Read more

The AUASB has issued 3 new Pronouncements on review engagements

The AUASB has issued 3 new Pronouncements on review engagements: ASRE 2400 - the Australian equivalent of the IAASB’s revised standard; ASRE 2415 - this compiled standard reflects the consequential changes arising from the new ASRE 2400, and the introduction of the ACNC Act; and ASA 2013-1 the amending standard to ASRE 2415.

The new standards apply from 1 July 2013 (with early adoption permitted).... Read more

Independence e-Newsletter issued for March 2013

The March 2013 edition of Independence, the AUASB’s e-Newsletter has been published.... Read more

Highlights from the 25 February 2013 Meeting

The AUASB has released the Highlights from its 25 February 2013 meeting.... Read more

AUASB invites comments on IAASB Consultation Paper

The AUASB invites comments on the IAASB Consultation Paper – A Framework for Audit Quality.... Read more

AUASB invites comments on IAASB Exposure Draft ISA 720

The AUASB invites comments on the IAASB’s Exposure Draft on International Standard on Auditing (ISA) 720 – The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon.... Read more

New Appointments to the AUASB Announced

AUASB Chairman, Merran Kelsall welcomes Mr Chris George, Ms Jane Meade and Ms Jo Cain to the AUASB.... Read more

New Guidance Statement issued for Assurance under the National Greenhouse and Energy Reporting Scheme, the Carbon Pricing Mechanism and Related Schemes

The AUASB has released a new Guidance Statement GS 021 Engagements under the National Greenhouse and Energy Reporting Scheme, Carbon Pricing Mechanism and Related Schemes which explains how the AUASB Standards, including the new standard on GHG assurance, ASAE 3410 Assurance on a Greenhouse Gas Statement, are to be applied by assurance practitioners conducting engagements under the schemes administered by the Clean Energy Regulator (Regulator).  The AUASB Standards and guidance are applicable to assurance practitioners, which includes all greenhouse and energy auditors.... Read more

Independence e-Newsletter issued for December 2012

The December 2012 edition of Independence, the AUASB’s e-Newsletter has been published.... Read more

Exposure Draft ED 04/12: Proposed Standard on Assurance Engagements on General Purpose Water Accounting Reports

The Auditing and Assurance Standards Board and the Water Accounting Standards Board of the Bureau of Meteorology have jointly issued an Exposure Draft of a proposed standard for assurance engagements on general purpose water accounting reports.... Read more

The AUASB has released 2 new Exposure Drafts

The AUASB has released 2 new Exposure Drafts (EDs) on review engagements:

ED 02/12: ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.  The proposed standard is brought about by the IAASB’s revised standard ISRE 2400;  

ED 03/12: ASRE 2415 Review of a Financial Report – Company Limited by Guarantee.  This ED reflects the consequential changes resulting from the new ASRE 2400.

Comments on the EDs are requested by no later than 8 February 2013.... Read more

AUASB Chairman says “there is no room for complacency in auditing”

Ms Merran Kelsall, Chairman of the Auditing and Assurance Standards Board (AUASB), in commenting on the ASIC Audit Inspection Report for 2011-12, said that “there is absolutely no room for complacency in Australian audit firms’ approach to undertaking audits in compliance with Australian Auditing Standards”.... Read more

The AUASB has issued:

The AUASB has issued: 

the Highlights from its 26 November 2012 meeting; a revised Foreword to AUASB Pronouncements; a new policy document:  Principles of Convergence to International Standards of the International Auditing and Assurance Standards Board (IAASB) and Harmonisation with the Standards of the New Zealand Auditing and Assurance Standards Board (NZAuASB) and a new information document: AUASB Functions and Processes.... Read more

AUASB Issues Standards related to Fundraisings

The AUASB has issued two new Standards on Assurance Engagements, ASAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Historical Financial Information included in a Prospectus or other Document and ASAE 3450 Assurance Engagements involving Corporate Fundraisings and/or Prospective Financial Information. ... Read more

2011-12 AUASB Annual Report

The 2011-12 AUASB Annual Report is now available online.  ... Read more

Vale Dr W. J. (John) Kenley (1924-2012)

The Board members and staff of the Australian Accounting Standards Board and Australian Auditing and Assurance Standards Board were saddened to hear that John Kenley passed away on 5 October in Castlemaine, Victoria, just short of his 88th birthday.... Read more

Independence e-Newsletter issued for September 2012

The September 2012 edition of Independence, the AUASB’s e-Newsletter has been published.  Independence provides an update on the AUASB’s activities, including the latest pronouncements and publications issued, as well as those under development.... Read more

Highlights from the 10 September 2012 Meeting

The AUASB has released the Highlights from its 10 September 2012 meeting.... Read more

New guide provides clarity for boards and audit committees

The AUASB, the Australian Institute of Company Directors and the Institute of Internal Auditors have published the second edition of Audit Committees: A guide to good practice.... Read more

FRC seeks applications for membership of the AUASB in 2012-2013

The Financial Reporting Council is seeking applications from interested persons for appointment as a member of the AUASB.  Applications are sought by 21 September 2012.... Read more

AUASB Issues Amending Auditing Standard ASA 2012-1

The AUASB has issued a new Auditing Standard, ASA 2012-1 Amendments to ASA 570 Going Concern operative for financial reporting periods commencing on or after 1 July 2012.... Read more

The AUASB has issued two new AUASB Bulletins

The AUASB has issued two new AUASB Bulletins: Auditing Considerations in a Prolonged Uncertain Economic Environment and Professional Scepticism in an Audit of a Financial Report. The Bulletins are aimed at reminding auditors of issues that are elevated in importance due to these uncertain economic times.... Read more

Highlights from the 23 July 2012 Meeting

The AUASB has released the Highlights from its 23 July 2012 meeting.... Read more

Applying the Auditing Standards on Audits of Smaller Entities in Australia and New Zealand

The Auditing and Assurance Standards Board and the New Zealand Auditing and Assurance Standards Board have jointly issued a publication that seeks to answer some common questions about applying the Auditing Standards on audits of small and medium-sized entities and for use by small and medium practices.  In Australia, this publication is being issued as a Bulletin, Applying the Auditing Standards on Audits of Smaller Entities in Australia and New Zealand.  In New Zealand it is being issued as an Explanatory Guide with the same title.... Read more

IAASB issues consultation paper on improving the auditor’s report

The International Auditing and Assurance Standards Board (IAASB) has released a milestone consultation document Invitation to Comment (ITC): Improving the Auditor’s Report in its work to enhance the communicative value of the auditor’s report on financial statements.  The AUASB will host a number of roundtables in the coming months in Australia, to seek the views of Australian constituents on the consultation document.  ... Read more

The AUASB issues a new Standard on Greenhouse Gas Assurance

The AUASB has today issued a new Standard on Assurance Engagements ASAE 3410 Assurance on Greenhouse Gas Statements, which conforms with ISAE 3410 issued by the International Auditing and Assurance Standards Board (IAASB) earlier in June 2012.... Read more

AUASB Issues Explanatory Guide on Opening Balances

The AUASB has issued a new Explanatory Guide: Opening Balances to provide information to auditors who are required under the Australian Auditing Standards to modify their audit opinions in relation to opening balances in an initial audit engagement.... Read more

AUASB Issues Standard on Comfort Letter Engagements

The AUASB has issued a new Standard on Related Services, ASRS 4450 Comfort Letter Engagements for auditors to follow when providing a comfort letter to certain requesting parties in respect of financial information related to, and/or included in, an offering document.... Read more

AUASB invites comment on Exposure Draft of Proposed Standard on Greenhouse Gas Assurance

The AUASB invites comments on exposure draft ED 01/12 of proposed Standard on Assurance Engagements, ASAE 3410 Assurance Engagements on Greenhouse Gas Statements, which conforms with proposed ISAE 3410.  The AUASB requests comments by 8 June 2012.... Read more

Highlights from the 16 April 2012 Meeting

The AUASB has released the Highlights from its 16 April 2012 meeting... Read more

AUASB issues new Guidance Statement on auditing financial instruments

The Auditing and Assurance Standards Board (AUASB) has issued a Guidance Statement:
GS 020 Special Considerations in Auditing Financial Instruments which provides guidance about financial instruments and guidance to auditors on audit considerations relating to financial instruments.... Read more

Highlights from the 27 February 2012 Meeting

The AUASB has released the Highlights from its 27 February 2012 meeting.... Read more