28 May. 2013
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
17 May. 2013
The AUASB has issued revised Guidance Statement GS 004 Audit Implications of Prudential Reporting Requirements for General Insurers and Insurance Groups.... Read more
28 Mar. 2013
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
22 Mar. 2013
The March 2013 edition of Independence, the AUASB’s e-Newsletter has been published.... Read more
27 Feb. 2013
The AUASB has released the Highlights from its 25 February 2013 meeting.... Read more
21 Dec. 2012
AUASB Chairman, Merran Kelsall welcomes Mr Chris George, Ms Jane Meade and Ms Jo Cain to the AUASB.... Read more
17 Dec. 2012
The December 2012 edition of Independence, the AUASB’s e-Newsletter has been published.... Read more
17 Dec. 2012
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
12 Dec. 2012
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
4 Dec. 2012
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
30 Nov. 2012
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
8 Nov. 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
19 Sep. 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
14 Sep. 2012
The AUASB has released the Highlights from its 10 September 2012 meeting.... Read more
24 Aug. 2012
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
13 Jul. 2012
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
29 Jun. 2012
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
28 Jun. 2012
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
31 May. 2012
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
30 May. 2012
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
9 May. 2012
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
1 Mar. 2012
The AUASB has released the Highlights from its 27 February 2012 meeting.... Read more