News

28
SEPTEMBER
2022
AUASB

Audit Committees supporting Audit Quality

The Australian Institute of Company Directors (AICD) and AUASB support all parties in the financial reporting chain working together to maintain audit quality and high-quality financial reporting.  To assist audit committees in fulfilling their responsibilities, the AICD and the AUASB...

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26
SEPTEMBER
2022
AUASB

AUASB welcomes IOSCO statement of support for IAASB development of Sustainability Assurance standards

Monday, September 26, 2022

The AUASB welcomes the recent announcement from the International Organization of Securities Commissions (IOSCO) of its support and encouragement for the International Auditing and Assurance Standards Board’s (IAASB) work on developing standards relating to assurance...

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19
SEPTEMBER
2022
AUASB

ANCAAR and AUASB Audit and Assurance Research and Regulation Workshop

The Australian National Centre for Audit and Assurance Research (ANCAAR) and AUASB hosted a joint Research and Regulation workshop on 15 and 16 September in Canberra. The objective of the workshop was to explore research that is relevant to the...

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Current AUASB Vacancies

16 Sep
2022
16 September 2022
  1. The Manager is a key role within AUASB Technical Team. The role undertakes a range of technical auditing and assurance standard setting activities.
  2. The Design and Administration Officer will be responsible for creation and development of a wide range of materials from printed media to social media, and everything in-between. They’ll also be asked to lend their creativity and experience to the operation of the organisation.
  3. A vacancy has arisen for the the Audit, Finance and Risk Committee for the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB). The AASB & AUASB


Click here to read further details from our Careers page....

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Revised GS 003 Assurance Relating to Australian Financial Services Licenses issued under the Corporations Act 2001

14 Sep
2022
14 September 2022

The AUASB has issued an updated version of GS 003 Assurance Relating to Australian Financial Services Licenses issued under the Corporations Act 2001 which has been revised primarily to reflect the changes to the reporting framework under ASIC Form FS 70 Australian financial services licensees: profit and loss statement and balance sheet and AASB 1053 Application of Tiers of Australian Accounting Standards.

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Highlights of September 2022 Meeting now available

07 Sep
2022
07 September 2022

AUASB September 2022 Meeting Highlights are now available, click here to read.

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Agenda and Public Papers for AUASB Meeting 6 September 2022 are now available

02 Sep
2022
02 September 2022

The Public Agenda and Public Papers for AUASB Meeting 131 are now available.

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Webinar: Proposed IAASB Changes to the Auditor’s Report in Response to IESBA Code of Ethics Revisions relating to Public Interest Entities (PIEs)

12 Aug
2022
12 August 2022

Register to participate in a joint AUASB/APESB Webinar on proposed revisions relating to Public Interest Entities (PIEs), including the new definition and proposed transparency disclosure in the auditor’s report.

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New Update to AUASB Digital Standards Portal

08 Aug
2022
08 August 2022

The AUASB’s Digital Standards Portal (“the portal”) has been recently updated to include new features which enhance the accessibility, functionality and usability of the full suite of AUASB Standards. Since the release of the portal in June 2021, the AUASB has updated many of the key features based on feedback received from users.

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AASB and AUASB publishes their submission to the International Sustainability Standards Board’s General Requirements and Climate Exposure Drafts

28 Jul
2022
28 July 2022

Today the AASB and AUASB submitted their response to the ISSB’s Exposure Drafts on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures .

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Last chance to provide feedback on AUASB Agenda Consultation 2022-23

22 Jul
2022
22 July 2022

We want your feedback. This is the last chance to have your say on the AUASB’s future Work Program and Priorities.

Please submit your response to the AUASB Agenda Consultation Paper or fill out an online survey , which should take approximately 10-15 minutes to complete. Comments are requested to the AUASB by 29 July 2022.

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AUASB Consultation on Proposed IAASB Changes to the Auditor’s Report Regarding the Independence Requirements Applied

21 Jul
2022
21 July 2022

The AUASB has released a Consultation Paper seeking public comment on the IAASB’s Exposure Draft  issued in response to recent Revisions to the IESBA Code which introduce a transparency requirement for firms to publicly disclose when the independence requirements for PIEs have been applied.

In addition to the invitation to comment on the Paper, the AUASB is hosting a Webinar on 26 August to take stakeholders through the key proposals of the IAASB ED, and to provide stakeholders an opportunity to provide feedback directly.

 

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Guidance Statement GS 003 Assurance Relating to Australian Financial Service Licenses issued under the Corporations Act 2001

20 Jul
2022
20 July 2022

The AUASB are undertaking initial discussions with stakeholders on GS 003 Assurance Relating to Australian Financial Service Licenses (AFSLs) issued under the Corporations Act 2001 (GS 003) to determine that the guidance is still fit for purpose.

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The July 2022 AUASB Newsletter is now available

01 Jul
2022
01 July 2022

The July 2022 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

 

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Feedback Statement - Post Implementation Review – ASAE 3100 Compliance Engagements

30 Jun
2022
30 June 2022

The AUASB conducted a post implementation review (PIR) on ASAE 3100 Compliance Engagements (ASAE 3100) in accordance with the AUASB Due Process Framework to gather information about the use and application of the standard since it was issued in February 2017.

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AUASB Bulletin Auditor’s considerations in times of changing and uncertain economic conditions

28 Jun
2022
28 June 2022

Preparers and auditors of financial reports are facing a challenging 30 June 2022 reporting period arising from the impact of topical and emerging risks, and the changing and uncertain economic conditions.  This AUASB Bulletin complements ASIC’s Areas of Focus for 30 June 2022 and highlights how relevant Auditing Standards and existing guidance supports auditors to perform a high-quality audit in the current economic and external environment

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AUASB Bulletin: ASA 315 and the Auditor’s Responsibilities for General IT Controls

27 Jun
2022
27 June 2022

The AUASB has issued FAQs to assist auditors in understanding their responsibilities for General IT Controls (GITCs) as part of the new ASA 315 Identifying and Assessing the Risks of Material Misstatement , which includes new and updated material about the auditor’s understanding of IT.

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AUASB issues Further Guidance to support Public Sector Auditors in applying ASA 570 Going Concern

24 Jun
2022
24 June 2022

The AUASB has released an updated version of Guidance Statement GS 023  Special Considerations – Public Sector Engagements (GS 023) which includes further application and explanatory material to support public sector auditors in applying Auditing Standard ASA 570 Going Concern to public sector engagements.  GS 023 is to be read and applied together with ASA 570

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Exposure Draft ED 02/22 Proposed Conforming and Consequential Amendments to the other AUASB Standards to align to the IAASB Other Standards

23 Jun
2022
23 June 2022

The AUASB has issued for public comment Exposure Draft ED 02/22 Proposed Conforming and Consequential Amendments to the other AUASB Standards to align to the IAASB Other Standards . The closing date for public comment is 22 August 2022.

The AUASB is seeking feedback from stakeholders on proposed conforming and consequential amendments to the other AUASB Assurance Standards which will align their terminology relating to Ethical and Quality Management requirements with that used in the IAASB’s other standards.

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Revised GS 016 Bank Confirmation Requests

23 Jun
2022
23 June 2022

The AUASB has issued an updated version of GS 16 Bank Confirmation Requests which has been revised to reflect the increase in the use of electronic confirmations by auditors.  

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Highlights of June 2022 Meeting now available

10 Jun
2022
10 June 2022

AUASB June 2022 Meeting Highlights are now available, click here to read.

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Agenda and Public Papers for AUASB Meeting 7-8 June 2022 are now available

06 Jun
2022
06 June 2022

The Public Agenda and Public Papers for AUASB Meeting 130 are now available.

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Feedback requested on AUASB Agenda Consultation Process

03 Jun
2022
03 June 2022

The AUASB is seeking feedback from stakeholders on its Agenda Consultation Process for 2022-23. This process is conducted every 5 years and gathers views from Australian stakeholders on which projects the AUASB should address over the next few years, and identify other emerging Australian auditing and assurance issues the AUASB should include in its future Work Program.

Feedback from stakeholders and the public is sought via a response to our formal Agenda Consultation Paper, via in person and online outreach events the AUASB will be holding over June and July 2022, or via an online Survey.

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June 2022 Newsletter

03 Jun
2022
03 June 2022

The June 2022 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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AUASB Research Report 7: A Literature Review on the Reporting and Assurance of Climate Related and Other Non-Financial Information

27 May
2022
27 May 2022

The AUASB have issued a Research Report authored by AUASB Scholar Dr. Shan Zhou, summarising and discussing key studies on the current practice of climate-related and other non-financial information disclosures, and whether this information is subject to assurance, and by whom. This report presents the findings from studies that examine the extent of, and quality of such disclosures, both internationally and in Australia, as well as the impact of reporting on market value. This provides an important ‘snapshot’ of the current practice in reporting and assurance, and points to the need for consideration of regulation to drive consistency.

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The revised Group Audit Standard – ASA 600 - released by the AUASB

17 May
2022
17 May 2022

The AUASB has released the revised          ASA 600 Audits of a Group Financial Report (Including the Work of Component Auditors) , ASA 600 is expected to enhance audit quality by reinforcing the accountability and ultimate responsibility of the Group Engagement Partner, adopting a risk-based approach to planning and performing a group audit engagement, and emphasising the need for robust communication and interactions between the group and component auditors.

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New AUASB Bulletin Quality Management Standards – Enhancing Audit Quality

12 May
2022
12 May 2022

The AUASB has published a new Bulletin which highlights how the new and revised Quality Management Standards will support enhanced audit quality. 

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Request for Comments on AUASB Exposure Draft Aligning Existing Australian-Specific AUASB Standards with New, Revised Quality Management Standards

10 May
2022
10 May 2022

The AUASB has issued for public comment Exposure Draft ED 01/22 Proposed Conforming and Consequential Amendments to the Australian-Specific AUASB Standards as a result of the New and Revised Quality Management Standards . The closing date for public comment is 10 June 2022.

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IAASB Issues Non-Authoritative Guidance on Fraud in an Audit of Financial Statements

09 May
2022
09 May 2022

The IAASB has released non-authoritative guidance, The Fraud Lens – Interactions Between ISA 240 and Other ISAs. The guidance illustrates the relationship and linkages between  ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements , and other ISAs when planning and performing an audit engagement.

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Highlights of April 2022 Meeting now available

28 Apr
2022
28 April 2022

AUASB April 2022 Meeting Highlights are now available, click here to read.

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Agenda for AUASB Meeting 27 April 2022 is now available

19 Apr
2022
19 April 2022

The Public Agenda and Public Papers Pack for AUASB Meeting 129 are now available.

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The April 2022 AUASB Newsletter is now available

06 Apr
2022
06 April 2022

The April 2022 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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Post Implementation Review – ASAE 3100 Compliance Engagements

04 Apr
2022
04 April 2022

The AUASB are undertaking a Post Implementation Review on ASAE 3100 Compliance Engagements (ASAE 3100) through targeted outreach sessions with key stakeholders.

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Modernising GS 016 Bank Confirmation Requests

01 Apr
2022
01 April 2022

The AUASB has commenced the process of modernising Guidance Statement GS 016 Bank Confirmation Requests , reflecting the wide spread adoption of third-party electronic confirmation systems and processes now in use.

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Highlights of March 2022 Meeting now available

09 Mar
2022
09 March 2022

AUASB March 2022 Meeting Highlights are now available, click here to read .

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Agenda, Public Papers and registration for AUASB Board Meeting 8 March 2022

07 Mar
2022
07 March 2022

A Revised Agenda (as at 7 March 2022) and Public Papers for AUASB Meeting 128 is now available.

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Proposed IAASB Standard for Less Complex Audits not supported by AUASB in its current form

01 Feb
2022
01 February 2022

Following extensive consultation with stakeholders the AUASB submission on the IAASB’s Exposure Draft for the Audits of Less Complex Entities has been finalised, with the proposed standard not supported by the AUASB in its current form for a number reasons.

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The December 2021 AUASB Newsletter is now available

16 Dec
2021
16 December 2021

The   December 2021 AUASB Newsletter  is now available . This   newsletter   covers  the major  recent   publications and developments from the AUASB.

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AASB and AUASB release Joint Staff Article - Globally consistent reporting for sustainability-related information: Australian perspectives

15 Dec
2021
15 December 2021

To continue to drive the AUASB’s ongoing strategic focus on Extended External Reporting (EER), the AUASB jointly with the AASB (the Boards) has released a staff paper Globally consistent reporting for sustainability-related information: Australian perspectives .

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AUASB Office Closure 2021-22

15 Dec
2021
15 December 2021

Our offices will be closed for the holiday period from cob 22 December 2021 and will re-open on Monday 10 January 2022.  We wish you a happy and safe holiday period.

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AUASB issues New Guidance targeting Public Sector Audit and Assurance Engagements

13 Dec
2021
13 December 2021

The AUASB has released a new Guidance Statement GS 023 Special Considerations - Public Sector Engagements (GS 023) ,   which provides supplementary application and other explanatory material in relation to issues that at times present challenges applying certain AUASB Standards on public sector audit and assurance engagements. Like all AUASB Guidance Statements, GS 023 is to be read and applied together with relevant AUASB Standard(s).

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Your 5-minute guide to quality management on an audit engagement.

13 Dec
2021
13 December 2021

The AUASB has now released the final video in the Quality Management awareness series, Your 5-minute guide to Quality Management on an audit engagement .  This video takes you through the highlights of the revised ASA 220 including explaining the new definition of engagement team, how delegation on an audit engagement might work and the new overall stand-back provision.

These new and revised standards will be effective sooner than you think, the AUASB will continue to provide and work with others to provide implementation support materials.

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Implementation support materials for ASA 315 Identifying and Assessing the Risks of Material Misstatement

09 Dec
2021
09 December 2021

Looking for ASA 315 resources and answers to some commonly asked questions about implementing ASA 315? Look at our dedicated web page on the AUASB website relating to ASA 315 from December 2021.

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Highlights of November/December 2021 Meeting now available

02 Dec
2021
02 December 2021

AUASB November/December 2021 Meeting Highlights are now available, click here to read.

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The Auditing and Assurance Standards Board Chair welcomes ASIC’s Audit inspection report

01 Dec
2021
01 December 2021

In response to the release of ASIC’s Audit inspection report 1 July 2020 to 30 June 2021 , the AUASB issued a media release .  In addition the AUASB has issued an AUASB Bulletin Supporting Auditors in Enhancing Audit Quality which details a number of specific actions including issuing revised standards and other guidance materials to clarify and drive improved compliance with the requirements in the auditing standards.

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Your 5-minute guide to new requirements for Engagement Quality Reviews in ASQM 2

24 Nov
2021
24 November 2021

The AUASB’s latest short video to promote awareness of the new Quality Management Standards has landed with the release of Your 5-minute guide to ASQM 2 Engagement Quality Reviews .  ASQM 2 is a new standard and this video takes you through which engagements require an Engagement Quality Review under ASQM 1, the eligibility of the Engagement Quality Reviewer and some of the highlights of what their responsibilities relating to performance and documentation entails.

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IAASB Survey – Proposed ISA for Audits of Less Complex Entities

24 Nov
2021
24 November 2021

The IAASB and IFAC have launched a survey to make it easier to participate in the IAASB’s consultation and provide views.

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FRC , AASB and AUASB release joint Position Statement

22 Nov
2021
22 November 2021

The FRC, AASB and AUASB have released a Position Statement setting out how the current institutional arrangements will address the desire for authoritative Extended External Reporting requirements in Australia.

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Registration for AUASB Board Meeting 30th November and 1st December 2021

17 Nov
2021
17 November 2021

The Agenda for AUASB Meeting 127 is now available.

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AUASB Chair Appointed to the International Auditing and Assurance Standards Board

04 Nov
2021
04 November 2021

The current Auditing and Assurance Standards Board (AUASB) Chair, Mr Bill Edge, has been appointed as a member of the International Auditing and Assurance Standards Board (IAASB) for 3 years commencing January 2022.

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Your 5-minute guide to the ASQM 1 Risk Assessment Process

03 Nov
2021
03 November 2021

The AUASB’s latest short video to promote awareness of the new Quality Management Standards has landed with the release of Your 5-minute guide to the Risk Assessment Process .  This video takes you through the operation of the ASQM 1 risk assessment process that is required when designing and implementing an Audit firm’s quality management system.

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Additional Date: Virtual Roundtable on the AUASB’s Consultation Paper for Audits of Less Complex Entities

29 Oct
2021
29 October 2021

Due to the overwhelming response to the AUASB virtual roundtable on 9 November 2021, the AUASB has closed the registration for that date and opened an additional virtual roundtable on 17 November 2021 from 2.00 pm - 4.30 pm (AEDT).

Please register here.

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Your 5-minute guide to ASQM 1

18 Oct
2021
18 October 2021

As part of the AUASB’s series of short videos to promote awareness of the new Quality Management Standards, the AUASB has released Your 5-minute guide to ASQM 1 . This video takes you through the revised risk-based approach now required when designing and implementing an Audit firm’s quality management system, and why this change has been adopted.

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New and re-appointed AUASB Board Members announced by the Financial Reporting Council

14 Oct
2021
14 October 2021

Auditing and Assurance Standards Board Chair, Mr Bill Edge, welcomes the appointment of two new members of the AUASB, as announced by the Financial Reporting Council  (FRC) and the notes the tremendous contribution of three members retiring from the AUASB this year.

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AUASB Consultation Paper for Audits of Less Complex Entities – Virtual Roundtable

12 Oct
2021
12 October 2021

The AUASB is holding a roundtable to gather stakeholder’s views and input to the  Consultation Paper  Exposure of the IAASB’s Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE); and Consideration of Possible alternative options for Australian LCE audits  (Consultation Paper). 

The roundtable will be held as a virtual session on Tuesday 9 of November 2021 from 9.00 am - 11.30 am. Please register  here .

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Information Webinar on AUASB’s Consultation Paper for Audits of Less Complex Entities

11 Oct
2021
11 October 2021

Are you a practitioner who performs audits on less complex entities or a user of less complex entities auditor’s reports?  If so, this information  webinar is for you.

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The AUASB has issued six revised standards and pronouncements following its September 2021 meeting

30 Sep
2021
30 September 2021

The AUASB has revised the following pronouncements which are available on the AUASB Website and AUASB Standards Digital Portal:

  • ASA 101 Preamble to AUASB Standards
  • ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards
  • ASA 560 Subsequent Events
  • ASA 700 Forming an Opinion and Reporting on a Financial Report
  • ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks
  • Foreword to AUASB Pronouncements
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New Five-Minute Guides to the new and revised AUASB Quality Management Standards

30 Sep
2021
30 September 2021

The AUASB is developing a range of implementation support materials for the new and revised AUASB Quality Management Standards. First up is a series of Five-Minute Video Guides introducing each of the key elements practitioners need to know.

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The September 2021 AUASB Newsletter is now available

30 Sep
2021
30 September 2021

The September 2021 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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GS 010 Responding to Questions at an Annual General Meeting has been updated and reissued

20 Sep
2021
20 September 2021

GS 010 has been significantly enhanced to provide additional guidance on how to respond to questions auditors may receive at an Annual General Meeting (AGM).

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AUASB releases Consultation Paper for Audits of Less Complex Entities

14 Sep
2021
14 September 2021

The AUASB has released a Consultation Paper seeking public comment by 14 January 2022  on the IAASB’s new stand-alone standard for Audits of Financial Statements of Less Complex Entities, as well as Consideration of Possible Alternative Options for Australian LCE Audits.

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Highlights of September 2021 Meeting now available

13 Sep
2021
13 September 2021

AUASB September 2021 Meeting Highlights now available, click here to read.

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AUASB Publication – Data Integrity

02 Sep
2021
02 September 2021

The AUASB has released the first of two publications on determining the integrity and reliability of data in an audit of a financial report.

This first publication outlines a number of considerations for auditors in the extraction, transfer and transformation of data, including documentation of how integrity has been maintained throughout the process.

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Registration for AUASB Board Meeting 7th and 10th September 2021

25 Aug
2021
25 August 2021

The Agenda and Public papers for AUASB Meeting 126 is now available.

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AUASB issues Bulletin on Extended External Reporting (EER) Assurance Guidance in Australia

23 Aug
2021
23 August 2021

The purpose of this AUASB Bulletin is to introduce the International Auditing and Assurance Standards Board (IAASB) Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements (the Guidance) and provide the Australian context for the non-authoritative guidance published by the IAASB in 2021.

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DR. SHAN ZHOU APPOINTED AS HONORARY AUASB SCHOLAR

03 Aug
2021
03 August 2021

The AUASB has appointed Dr. Shan Zhou, a senior lecturer, at The University of Sydney, Accounting, Business School, as an Honorary AUASB Scholar from 1 August 2021.

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IAASB releases Draft standard for Audits of Less Complex Entities

27 Jul
2021
27 July 2021

The IAASB has developed a new draft standard for the audit of a Less Complex Entity  ED ISA-LCE . Find out more about the AUASB’s plan to support the IAASB’s consultation on this draft new standard which will occur over the next 6 months.

The AUASB recognises the importance of the new international proposals for audits of Less Complex Entities and will issue a Consultation Paper to Expose ED ISA-LCE.  The AUASB Consultation Paper will provide an overview of how the AUASB is requesting feedback from Australian stakeholders on the proposed new standard.  Additionally, and importantly, the AUASB will seek stakeholder...

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New resources and answers to commonly asked questions about implementing the new AUASB Quality Management Standards

26 Jul
2021
26 July 2021

Looking for resources and answers to some commonly asked questions about implementing the new AUASB Quality Management Standards?  Check out our new dedicated Quality Management Standards page on the AUASB website.

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Mr Bill Edge appointed as full time AUASB Chair for 12-month period

23 Jul
2021
23 July 2021

Mr Bill Edge, has been appointed as AUASB Chair for a 12-month period commencing 1 July 2021.

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Positions Vacant on the Auditing and Assurance Standards Board for 2022

05 Jul
2021
05 July 2021

Three vacancies currently exist for appointment as a part-time member of the Auditing and Assurance Standards Board (AUASB), starting in January 2022 for a three year term (with a possible extension available).  Click here to obtain further information from the Financial Reporting Council (FRC) website)

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Request for Comments on AUASB Exposure Draft ED 03/21 Proposed Auditing Standard ASA 2021-2 Amendments to Australian Auditing Standard ASA 560 Subsequent Events

30 Jun
2021
30 June 2021

The AUASB seeks public comment by 30 July 2021 on ED 03/21 Proposed Auditing Standard ASA 2021-2 Amendments to Australian Auditing Standard ASA 560 Subsequent Events .

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The June 2021 AUASB Newsletter is now available

30 Jun
2021
30 June 2021

The June 2021 AUASB Newsletter is now available. This newsletter includes the major publications and developments from the AUASB over the past month.

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Request for Comments on AUASB Exposure Draft ED 02/21 Proposed Auditing Standard ASA 101 Preamble to AUASB Standards

16 Jun
2021
16 June 2021

The AUASB has issued for public comment Exposure Draft ED 02/21 Proposed Auditing Standard ASA 101 Preamble to AUASB Standards, which will replace ASA 100 Preamble to AUASB Standards (issued 2006) and ASA 101 Preamble to Australian Auditing Standards (issued 2009).

The closing date for public comment is 30 July 2021.

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Audit and Risk Committee vacancy

16 Jun
2021
16 June 2021

A vacancy has arisen for the on the Audit, Finance and Risk Committee for the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB). 

The AASB & AUASB are seeking an outstanding person, who can provide sound judgement and stewardship of the Committee, demonstrate extensive financial expertise, industry leadership and will have community standing as an experienced governance officer.

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Highlights of June 2021 Meeting now available

11 Jun
2021
11 June 2021

AUASB June 2021 Meeting Highlights now available, click here to read.

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New AUASB Board Member Announced by FRC

26 May
2021
26 May 2021

The AUASB is pleased to advise that The Financial Reporting Council (FRC) has this week announced the appointment of a new member of the Auditing and Assurance Standards Board (AUASB).

Mrs Michelle Shafizadeh, Director, Governance and Risk Advisory, Moore Australia (WA) Pty Ltd. has been appointed to the AUASB on a part-time basis commencing from 1 July 2021 and her tenure will expire on 31 December 2023.

Michelle has over 28 years within a public sector audit office and large mid-tier firms, bringing a wealth of knowledge and experience to the AUASB.

Please join us in

...
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Registration for AUASB Board Meeting 8-9 June 2021

26 May
2021
26 May 2021

The Agenda and Papers for AUASB Meeting 125 are now available

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AASB–AUASB webinar – For-profit entities: The removal of special purpose financial statements and the introduction of simplified disclosures (Part 3)

25 May
2021
25 May 2021

On 25 May 2021, AASB and AUASB staff co-presented the third webinar in a series on the removal of special purpose financial statements and the introduction of simplified disclosures.

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Share your views on the IAASB’s upcoming Work Plan

11 May
2021
11 May 2021

The IAASB is consulting on its Work Plan for 2022–2023 through an online survey .

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The May 2021 AUASB Newsletter is now available

10 May
2021
10 May 2021

The May 2021 AUASB Newsletter is now available. This special edition newsletter reflects a number of major publications released by the AUASB since the end of March.

The newsletter covers items such as:
• Highlights from the AUASB’s May meeting
• The AUASB Bulletin Audit Considerations on the removal of special purpose financial statements for certain for-profit private sector entities
• Newly released AUASB Bulletin on The Consideration of Cyber Security Risks in an Audit of a Financial Report
• AUASB Staff Guide for Prescribing Assurance and Related Services
• AUASB ED 01/21 Proposed Conforming and Consequential Amendments to the other AUASB Standards as a

...
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AUASB Bulletin on The Consideration of Cyber Security Risks in an Audit of a Financial Report

04 May
2021
04 May 2021

The AUASB has released a new AUASB Bulletin on The Consideration of Cyber Security Risks in an Audit of a Financial Report . This Bulletin is designed to assist auditors consider the impact of cyber security on the audit of a financial report performed in accordance with Australian Auditing Standards.

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AUASB Staff Guide for Prescribing Assurance and Related Services

27 Apr
2021
27 April 2021

The AUASB Staff have published  a guide to assist assurance prescribers  in drafting assurance requirements which are clear and effective. The guide addresses a number of matters including determining the appropriate scope of an engagement, the different levels of assurance and the options in Australia available to perform engagements.

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Highlights of April 2021 Meeting now available

23 Apr
2021
23 April 2021

AUASB April 2021 Meeting Highlights now available, click   here  to read.

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IAASB new guidance on assurance for non-financial reporting - AUASB to issue a Bulletin to support the guidance and its application in Australia.

21 Apr
2021
21 April 2021

The IAASB published a  Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements .

The guidance responds to ten key stakeholder-identified challenges commonly encountered in applying ISAE 3000 (Revised). The guidance promotes the consistent high-quality application of the assurance standard EER assurance engagements to:

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AUASB Staff Podcast on newly released Quality Management Standards

19 Apr
2021
19 April 2021

AUASB Staff Podcast - Auditors face changes in audit quality management standards - what are they and why are they important?

AUASB staff members Matthew Zappulla and Rene Herman have been featured in a podcast hosted by journalist Tom Ravlic asking “Auditors face changes in audit quality management standards - what are they and why are they important?”.

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Audit considerations on the removal of special purpose financial statements for certain for-profit private sector entities

05 Apr
2021
05 April 2021

AUASB Bulletin  Audit Considerations on the removal of special purpose financial statements for certain for-profit private sector entities  details the matters for auditors to consider as a result of the recent amendments to the Australian Financial Reporting Framework which:

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Request for Comments on AUASB Exposure Draft Aligning Existing Other Assurance Standards with New, Revised Quality Management Standards

The March 2021 AUASB Newsletter is now available

31 Mar
2021
31 March 2021

The  March 2021 AUASB Newsletter  is now available. This first newsletter for 2021 includes the major publications and developments from the AUASB since the start of the year.

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The AUASB has released three revised Quality Management Standards

30 Mar
2021
30 March 2021

The AUASB today released three revised Quality Management Standards. The standards promote a robust, proactive, scalable, and effective approach to quality management and mark a significant evolution of the existing quality control standards.

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IAASB Support Materials – FAQ Addressing Risk of Overreliance on Technology

25 Mar
2021
25 March 2021

This IAASB FAQ assists auditors in understanding and addressing the risk of overreliance on technology, whether it arises from using automated tools and techniques or from using information produced by an entity’s systems.

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AUASB issues revised Foreword to AUASB Pronouncements (March 2021)

17 Mar
2021
17 March 2021

The AUASB has released a revised version of the Foreword to AUASB Pronouncements (Foreword).  Changes were necessary to align the Foreword with the AUASB’s new Due Process Framework for Developing, Issuing and Maintaining AUASB Pronouncements and Other Publications (Due Process Framework), which was approved by the AUASB at its December 2020 meeting and subsequently published for comment.  A small number of other amendments were made to the Foreword to bring its content up to date and to improve linkage to related framework pronouncements and policy documents.

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Highlights of March 2021 Meeting now available

15 Mar
2021
15 March 2021

AUASB March 2021 Meeting Highlights now available, click   here  to read.

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Auditing and Assurance Standards Board Acting Chair inducted into the Australian Accounting Hall of Fame

22 Feb
2021
22 February 2021

The Office of the Auditing and Assurance Standards Board would like to extend its congratulations to our current Acting Chair, Bill Edge, who has been included in the group of 2021 inductees into the Australian Accounting Hall of Fame.

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Implementation support materials on ASA 540 Auditing Accounting Estimates and Related Disclosures

16 Feb
2021
16 February 2021

Looking for ASA 540 resources and answers to some commonly asked questions about implementing ASA 540? Look at our new dedicated portal on the AUASB website relating to Auditing Accounting Estimates . Auditing Accounting Estimates continues to be the area with the most findings in ASIC’s Audit Inspection Report so we recommend auditors refer to these materials as they may assist.

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Audit Quality in Australia: The Perspective of Audit Committee Chairs (2nd Report)

08 Feb
2021
08 February 2021

The Auditing and Assurance Standards Board are pleased to release the  2nd report on Audit Quality in Australia: The Perspective of Audit Committee Chairs . This report presents the results of a survey conducted jointly with the FRC to gather the perspective of Audit Committee Chairs (ACCs) on audit quality.

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Acting AUASB Chair appointed 1 January 2021

18 Jan
2021
18 January 2021

Due to the resignation of Professor Roger Simnett AO as Chair of the AUASB, The Hon Michael Sukkar MP has appointed Bill Edge (Chair FRC) as Acting Chair of the AUASB for the period 1 January 2021 to 31 March 2021 whilst a longer term replacement is being sought.

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AUASB Submission on the IAASB's Fraud and Going Concern in an Audit of Financial Statements Discussion Paper

18 Jan
2021
18 January 2021

The AUASB has finalised its submission to the IAASB's Fraud and Going Concern in an Audit of Financial Statements Discussion Paper.

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New AUASB Due Process Framework available for public comment

17 Dec
2020
17 December 2020

The AUASB has completed its review of its internal processes for developing, issuing and maintaining AUASB Standards, Guidance Statements and other related materials. The new   Due Process Framework for Developing, Issuing and Maintaining AUASB Pronouncements and other Publications  is now open for public comment until Friday 29 January 2021.

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IAASB formalise plan to develop separate standard for audits of Less Complex Entities (LCE’s)

17 Dec
2020
17 December 2020

The IAASB has   published a new communique detailing plans for a new standalone LCE standard, including current thinking on what the standard will look like, what entities it will apply to, and the development timeline.

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AUASB Research Report 5: COVID-19 Snapshot of Auditor Reporting in Australia

16 Dec
2020
16 December 2020

Research Report 5: COVID-19 Snapshot of Auditor Reporting in Australia , authored by AUASB Staff James Wake and Anne Waters, provides a snapshot and analysis of auditor reporting for listed entities over the June 2019 and 2020 reporting seasons, focussing on the impact of the COVID-19 pandemic.

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Implementation support materials on ASA 540 Auditing Accounting Estimates and Related Disclosures (1)

15 Dec
2020
15 December 2020

Looking for ASA 540 resources and answers to some commonly asked questions about implementing ASA 540?  Look at our new dedicated portal on the AUASB website relating to   Auditing Accounting Estimates.

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AUASB issues revised ASRS 4400 Agreed-Upon Procedures Engagements

11 Dec
2020
11 December 2020

The AUASB has released a revised version of ASRS 4400   Agreed-Upon Procedures Engagements  which is operative for agreed-upon procedures engagements for which the terms of engagement are agreed on or after 1 January 2022 (with early adoption permitted).

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The IAASB issues new support for assessing risks of material misstatement when using automated tools and techniques

03 Dec
2020
03 December 2020

The International Auditing and Assurance Standards Board (IAASB) Technology Working Group released a new   non-authoritative frequently asked questions publication  on using automated tools and techniques in identifying and assessing risks of material misstatements in accordance with International Standard on Auditing 315 (Revised 2019),  Identifying and Assessing Risks of Material Misstatement.

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IAASB releases video introductions to the new and revised quality management standards

01 Dec
2020
01 December 2020

The IAASB has published  video introductions  to the new and revised quality management standards. The videos explain the key aspects of the  new and revised quality management standards  to help stakeholders begin their implementation efforts.

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Addressing Issues and Challenges in Audits of Less Complex Entities

16 Nov
2020
16 November 2020

The IAASB is on the edge of something new as they continue on the path to address, complexity and scalability in the ISAs.

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Auditing and Assurance Standard Board Welcomes the Final Report of the Parliamentary Joint Committee on Corporations and Financial Services Inquiry on the Regulation of Auditing in Australia

12 Nov
2020
12 November 2020

The Auditing and Assurance Standards Board (AUASB) welcomes the release of the final report of the Parliamentary Joint Committee’s (PJC) on Corporations and Financial Services Inquiry on the Regulation of Auditing in Australia.

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Seeking feedback on IAASB's Going Concern and Fraud Discussion Paper

24 Sep
2020
24 September 2020

The AUASB seeks feedback on the IAASB's Discussion paper on Fraud and Going Concern.

As the auditor’s role in relation to fraud and going concern in audits of financial statements continues to receive heightened public attention, amplified by high-profile corporate failures, the IAASB has recognised the need to further explore these topics, and has released a  Discussion Paper  on Fraud and Going Concern in an Audit of Financial Statements to seek feedback. The feedback collected by the IAASB will inform decisions about possible further actions on these topics. The AUASB seeks feedback from Australian stakeholders to inform them in...

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Illustrative Examples for ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures

22 Sep
2020
22 September 2020

The ISA 540 (Revised) Implementation Working Group has published a series of illustrative examples designed to assist auditors in addressing certain requirements of ISA 540 (Revised):
•  Illustrative example for auditing a simple accounting estimate
•  Illustrative example for auditing a complex accounting estimate
•  Illustrative examples for auditing expected credit loss accounting estimates

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AUASB issues revised GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions (ADIs) and ADI Groups.

18 Sep
2020
18 September 2020

The AUASB has issued a revised version of AUASB Guidance Statement   GS 012   Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions (ADIs) and ADI Groups .  The revised GS 012 provides guidance to the appointed auditor of an ADI and/or ADI group, reporting pursuant to the prudential reporting requirements specified by APRA in Prudential Standards APS 310/3PS 310 Audit and Related Matters, and APS 910 Financial Claims Scheme.

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FRC announces reappointments to the AUASB for 2021

18 Sep
2020
18 September 2020

AUASB Chair, Professor Roger Simnett welcomed the reappointment of two members of the Auditing and Assurance Standards Board,   as announced by the Financial Reporting Council  (FRC).

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AUASB Chair Podcast - Should there be a cut down version of auditing standards for auditors dealing with simple entities?

11 Sep
2020
11 September 2020

Roger Simnett, AUASB Chair was featured in a podcast hosted by journalist Tom Ravlic asking “Should there be a cut down version of auditing standards for auditors dealing with simple entities?”.

 

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UASB Remote Roundtable to discuss IAASB Fraud Discussion Paper

10 Sep
2020
10 September 2020

The AUASB in conjunction with the CA ANZ and CPA Australia is seeking input from Australian stakeholders in order to inform them on the important topic of   fraud in the audit of financial statements . To facilitate gathering stakeholder’s views and available evidence, the AUASB are holding a roundtable for audit practitioners, audit academics, standard setters, financial report preparers, forensic accountants, insolvency practitioners and regulators to explore the questions raised in a recent  IAASB’s discussion paper  on this topic. 

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2021 Graduate Program

09 Sep
2020
09 September 2020

Each year, the Auditing and Assurance Standards Board (AUASB) invites one or more graduate or postgraduate Accounting students to participate in their Graduate Program. The Graduate Program will allow students to gain experience and exposure to all facets of auditing and assurance standard setting, from the technical behind-the-scenes work required to create or amend standards, through to project management, communications, and research. Applications close 23 October 2020, click   here  for further information.

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IAASB Support Materials – FAQs Regarding the Use of Technology in Performing Audit Procedures

01 Sep
2020
01 September 2020

This  IAASB FAQ  assists auditors in understanding whether a procedure involving automated tools and techniques may be both a risk assessment procedure and a further audit procedure.

It also provides specific considerations when using automated tools and techniques in performing substantive analytical procedures in accordance with International Standard on Auditing 520, Analytical Procedures (AUASB equivalent ASA 520  Analytical Procedures

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Have your say on the IAASB’s Auditor Reporting Post-Implementation Review Stakeholder Survey

17 Aug
2020
17 August 2020

The IAASB is seeking feedback via a  survey  from Auditors and users of Auditor Reports on the changes that were made to the Auditors’ Report implemented from December 2016. This feedback will influence the direction of the IAASB and whether there will be future changes to the auditor’s report. The AUASB also wants to hear your views. This is an extensive survey and stakeholders may find it useful to draft and edit this in word before completing and submitting it online. As this is a confidential response to the IAASB, if considered appropriate, we also ask that stakeholders provide us

The IAASB survey closes on 23 October...

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Registration for AUASB Videoconference Board Meeting 9 & 10 September 2020

17 Aug
2020
17 August 2020

The AUASB Meeting 119   Agenda  is now available

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AUASB amends Auditor’s Responsibilities Statements

29 Jul
2020
29 July 2020

The AUASB has amended the  Auditor’s Responsibilities Statements  resulting from the revised APES 110  Code of Ethics for Professional Accountants (including Independence Standards ).

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AUASB issues Conforming Amendments to the Australian Auditing and Assurance Standards resulting from the revised Code of Ethics

21 Jul
2020
21 July 2020

The AUASB issues   conforming amendments  to the Australian Auditing Standards resulting from the revised APES 110  Code of Ethics for Professional Accountants (including Independence Standards).

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Release of the Monitoring Group’s report Strengthening the International Audit and Ethics Standard-Setting System

15 Jul
2020
15 July 2020

The AUASB Chair, Professor Roger Simnett AO, welcomes the release of the Monitoring Group’s (MG) final report   Strengthening the International Audit and Ethics Standard-Setting System , describing enhancements to the international audit and ethics standard-setting systems. These are aimed at enhancing the governance arrangements of the International Audit and Assurance Standards Board and International Ethics Standards Board for Accountants.

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IFAC Webinar series on ‘Practical Audit Quality Considerations for Auditing in the Pandemic Environment

02 Jul
2020
02 July 2020

IFAC invites auditing and assurance practitioners to join its weekly   webinar  series – ‘Practical Audit Quality Considerations for Auditing in the Pandemic Environment - Planning, Execution, Auditor Reporting and Looking Ahead', starting on Thursday July 9.

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AUASB issues revised ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (July 2020)

29 Jun
2020
29 June 2020

The AUASB has released the revised   ASRE 2410  R eview of a Financial Report Performed by the Independent Auditor of the Entity  (July 2020) with the operative date being for financial reporting periods commencing on or after 1 July 2020 with early adoption permitted.

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Revised AUASB Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds released

17 Jun
2020
17 June 2020

The AUASB has issued a revised   GS 009   Auditing Self-Managed Superannuation Funds  (GS 009). The revised Guidance Statement identifies and clarifies the responsibilities approved self-managed superannuation fund (SMSF) auditors have with respect to conducting SMSF audit engagements.

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AUASB Consultation Paper on Proposed Group Audit Standard (ISA 600) released for comment

11 Jun
2020
11 June 2020

The AUASB today released a   Consultation Paper  on the exposure draft of proposed International Standard on Auditing (ISA) 600 (Revised),  Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors . Comments are requested by 4 September 2020.

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The AUASB congratulates its Chair, Professor Roger Simnett on his induction into the Australian Accounting Hall of Fame

01 Jun
2020
01 June 2020

The AUASB congratulates its Chair, Professor Roger Simnett on his induction into the Australian Accounting Hall of Fame…

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Audit and Risk Committee Vacancies

26 May
2020
26 May 2020

A   vacancy  has arisen on the Audit, Finance and Risk Committee for the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB).

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The Impact of COVID-19 on Going Concern and Related Assessments - Joint Publication by the AASB and AUASB

21 May
2020
21 May 2020

COVID-19 is having an unprecedented impact on the economic outlook for the Australian and global economy. For the first time, many entities will be required to consider their solvency and ability to continue operating as a going concern in more detail. The AASB and AUASB have released a new   publication  on the impact of COVID-19 on Going Concern and related assessments.  Refer to the  COVID-19  page for this and a series of FAQs on matters for auditors to consider.

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AUASB Podcast with journalist Tom Ravlic: Going concern, COVID and clearly telling the story about uncertainty

19 May
2020
19 May 2020

The coronavirus pandemic has thrown up a range of issues directors and auditors must worry about as they examine financial issues that stakeholders will see play out for the June 30 year end.

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New AUASB Frequently Asked Questions (FAQs) on auditing accounting estimates and related disclosures in response to COVID-19 event

19 May
2020
19 May 2020

The COVID-19 pandemic may impact the work of auditors in relation to auditing accounting estimates and related disclosures. The AUASB have released a series of Frequently Asked Questions (FAQs) on this topic which are designed to assist practitioners apply revised ASA 540   Auditing Accounting Estimates and Related Disclosures  on this issue.  The FAQs are suitable for reference by auditors whether or not they have adopted the recently revised ASA 540.

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AUASB Webinar on Proposed ASRS 4400 Agreed-Upon Procedures Engagements

28 Apr
2020
28 April 2020

The AUASB held a Webinar on 27 April 2020 on the proposed revisions to ASRS 4400   Agreed-Upon Procedures Engagements  (ED 01/20) which can be accessed  here . We encourage all our stakeholders to respond to the AUASB on this Exposure Draft by 11 May 2020.

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AUASB Board member and NZAuASB Chair, Robert Buchanan, appointed to the Public Interest Oversight Board

09 Apr
2020
09 April 2020

The AUASB extends its congratulations to our current AUASB Board member and NZAuASB Chair Robert Buchanan on his appointment to the Public Interest Oversight Board (PIOB)—the global, independent oversight body that seeks to improve the quality and public interest focus of the international audit and assurance, and ethics standards.

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Webinar (27 April) – Proposed ASRS 4400 Agreed-Upon Procedures Engagements

03 Apr
2020
03 April 2020

Are you a practitioner who performs agreed-upon procedures engagements or a user of agreed-upon procedures reports?  Have you seen the recently released Exposure Draft 01/20: Proposed Standard on Related Services ASRS 4400   Agreed-Upon Procedures Engagements  (ED 01/20)?  If so, this webinar on Monday, 27 April at 11am is for you.

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Have your say on the future of the audit evidence standards

01 Apr
2020
01 April 2020

On 26 March 2020, the AUASB, in conjunction with the CA ANZ and CPA Australia, presented an interactive webinar discussing the IAASB’s proposed scope for revising ISA 500  Audit Evidence . The webinar explored the key challenges identified by the IAASB in applying the audit evidence standard, the fundamental issues not covered by the challenges and how the challenges could be addressed. We are now seeking feedback from Australian stakeholders on the IAASB’s proposals.

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New AUASB Board Member Announced by FRC (1)

31 Mar
2020
31 March 2020

The AUASB is pleased to advise that The Financial Reporting Council (FRC) has this week   announced the appointment of a new member  of the Auditing and Assurance Standards Board (AUASB).

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