The Framework for Assurance Engagements defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which Australian Auditing Standards, Standards on Review Engagements (ASRE) and Standards on Assurance Engagements (ASAE) apply.
 
The Framework provides a frame of reference for:

1. Assurance practitioners;
2. Others involved with assurance engagements, including the intended users of an assurance
    report and the responsible party; and
3. The AUASB in its development of Australian Auditing Standards, ASREs, ASAEs and other pronouncements.
 
The Framework for Assurance Engagements does not itself establish requirements for the performance of audit, review, assurance or related service engagements.  Accordingly, the AUASB has not issued the Framework as an Auditing Standard for the purposes of the Corporations Act 2001.