AUASB withdraws superseded pronouncements on Service Organisations

AGS 1026 Superannuation Funds – Auditor’s Reports on Externally Managed Assets and AUS 522 Audit Evidence Implications of Externally Managed Assets of Superannuation, Provident or Similar Funds have been withdrawn with effect for periods commencing on or after 1 July 2008 and the applicability of AGS 1042 Reporting on Control Procedures at Outsourcing Entities has been limited from that period onwards. GS 007 Audit Implications of the Use of Service Organisations for Investment Management Services, issued in March 2008, replaces the guidance in AGS 1026 and AUS 522, which applied primarily to superannuation funds using service organisations. AGS 1042, which has wide application to any type of service organisation, and will be limited to exclude investment management services, which are covered by GS 007.