News

12
JULY
2024
AUASB

AUASB Meeting 150 is to be held on Wednesday 17 July 2024

The Public Agenda for AUASB Meeting 150 to be held on 17 July 2024 is now available.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by COB Tuesday 16 July 2024, by emailing [email protected], detailing:

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08
JULY
2024
AUASB

AUASB Virtual Meeting 149 is to be held on 10 July 2024

The Public Agenda and Papers for AUASB Meeting 149 to be held on 10 July 2024 are now available.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by COB Tuesday 9 July 2024, by emailing [email protected], detailing:

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21
JUNE
2024
AUASB

AUASB Virtual Board M146 highlights are now available

Highlights for AUASB Board Meeting 146 on 20 June 2024 now available, click here to view.

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AUASB Virtual Meeting 146 is to be held on 20 June 9–11am

14 Jun
2024
14 June 2024

The Public Agenda and Papers are now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by COB Wednesday 19 June 2024, by emailing [email protected], detailing:

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Public Agenda and Papers are now available for AUASB virtual meeting 145

07 Jun
2024
07 June 2024

The Public Agenda and Papers for AUASB virtual Meeting 145 to be held on 13 June 2024 are now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by COB Wednesday 12 June 2024, by emailing [email protected], detailing:

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Feedback invited: Revised ASAE 3500 Performance Engagements

29 May
2024
29 May 2024

The AUASB has released an Exposure Draft of a Proposed Revised Standard on Assurance Engagements ASAE 3500 Performance Engagements (ED 01/24) that proposes narrow scope amendments to the existing standard, for a 60-day public comment period. The Explanatory Memorandum that accompanies ED 01/24 provides further background to, and an explanation of, ED 01/24. Stakeholders are encouraged to comment on all or some of the questions contained in the Explanatory Memorandum.

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AUASB highlights for meeting 143 now available

27 May
2024
27 May 2024

Highlights for AUASB Board Meeting 143 on 23 May 2024 now available, click here to view.

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AUASB Virtual Meeting 144 is to be held on 31 May 2024

27 May
2024
27 May 2024

The  Public Agenda and Papers for AUASB Meeting 14 to be held on 31 May 2024 are now available.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by COB Thursday 30 May 2024, by emailing [email protected], detailing:

  • Name
  • Entity
  • Email address and
  • The Agenda Number for the sessions they wish to observe.

Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

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AUASB Meeting 143 is to be held on 23 May 2024

06 May
2024
06 May 2024

The Public Agenda and Papers for AUASB Meeting 143 to be held on 23 May 2024 are now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by COB Tuesday 21 May 2024, by emailing [email protected], detailing:

  • Name
  • Entity
  • Email address and
  • The Agenda Number for the sessions they wish to observe.

Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

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Reminder: AUASB Roundtables on proposed Fraud standard

22 Apr
2024
22 April 2024

The AUASB invites stakeholders to attend a Roundtable discussion on its recently issued Consultation Paper on Proposed ISA 240 (Revised) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements; and Proposed Conforming and Consequential Amendments to Other ISAs (ED ISA 240). Click the link below to register now!

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AUASB educative video and Roundtables on proposed Fraud standard

12 Apr
2024
12 April 2024

The AUASB invites stakeholders to listen to an educative video and then attend a Roundtable discussion on its recently issued  Consultation Paper  on  Proposed ISA 240 (Revised) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements; and Proposed Conforming and Consequential Amendments to Other ISAs (ED ISA 240) . These discussions will assist the AUASB in its formal response to the IAASB on the IAASB Exposure Draft.

Early registration is encouraged as spaces are limited. Click the link below to read more.

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Short video on AUASB’s Consultation on IAASB Fraud ED ISA 240

09 Apr
2024
09 April 2024

The AUASB has released a short video on the key proposed revisions in the AUASB Consultation Paper on IAASB ED ISA 240. The comment period for the AUASB Consultation Paper closes on 21 May 2024, stay tuned for upcoming outreach activities! 

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REISSUED: AUASB Consultation Paper on Assurance over Climate and Other Sustainability Information

04 Apr
2024
04 April 2024

The AUASB has reissued its Consultation Paper on Assurance over Climate and Other Sustainability Information with minor amendments following the announcement on 27 March 2024 that mandatory climate reporting by Group 1 entities will start from years commencing 1 January 2025 (previously years commencing 1 July 2024). A marked-up version is available here .

 

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HAVE YOUR SAY: AUASB Roundtables to Obtain Feedback on Assurance over Climate and Other Sustainability Information

25 Mar
2024
25 March 2024

The AUASB invites stakeholders to attend a Roundtable discussion on its recently issued Consultation Paper* on Assurance over Climate and Other Sustainability Information . These discussions will assist the AUASB in:

  • developing a proposed model for phasing in assurance over mandatory climate information;
  • finalising its proposal to adopt ISSA 5000 General Requirements for Sustainability Assurance Engagements in Australia ; and
  • developing a possible local pronouncement to supplement the final ISSA 5000 under the Australian reporting framework.

The AUASB is committed to conducting extensive outreach to ensure broad stakeholder input. Beginning in April, AUASB Roundtable discussions will be held in Melbourne, Brisbane, Perth, Sydney, and online.

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AUASB Consultation Paper on Assurance over Climate and Other Sustainability Information

20 Mar
2024
20 March 2024

The AUASB has released a Consultation Paper* on Assurance over Climate and Other Sustainability Information. The Consultation Paper seeks high-level information and feedback to assist the AUASB in:

  • developing a proposed model for phasing in assurance over mandatory climate information;
  • a proposal to adopt ISSA 5000 General Requirements for Sustainability Assurance Engagements in Australia; and
  • developing a possible local pronouncement to supplement the final ISSA 5000 under the Australian reporting framework.

 

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AUASB highlights for meeting 142 now available

18 Mar
2024
18 March 2024

Highlights for AUASB Board Meeting 142 on 13 March 2024 now available, click here to view.

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Short video on AUASB’s Consultation on IAASB ED as a result of revisions to PIE definitions

07 Mar
2024
07 March 2024

The AUASB has released a short video  on the key proposed revisions in the AUASB Consultation Paper  on IAASB ED  as a result of revisions to PIE definitions. The comment period for the AUASB Consultation Paper  closes on 25 March 2024, click here  to send a submission.

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The March 2024 AUASB Newsletter is now available

07 Mar
2024
07 March 2024

The March 2024 Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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Public Agenda and Papers are now available for AUASB meeting 142

07 Mar
2024
07 March 2024

The Publc Agenda and Papers for AUASB meeting 142 to be held on 13 March 2024 are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest

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Reminder: Virtual Roundtable – AUASB’s Consultation on IAASB ED as a result of revisions to PIE definitions

27 Feb
2024
27 February 2024

The AUASB is hosting a Virtual Roundtable on 5 March from 3.30 pm – 4.30 pm (AEDT). Please register here.

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AUASB highlights for meeting 141 now available

21 Feb
2024
21 February 2024

Highlights for AUASB Board Meeting 141 on 19 February 2024 now available, click here to view.

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AUASB Consultation on IAASB exposure draft – revised ISA 240 on Fraud

21 Feb
2024
21 February 2024

The AUASB has released a Consultation Paper seeking public comment by 21 May 2024 on the IAASB’s Exposure Draft on Proposed ISA 240 (Revised). The proposed revisions aim to strengthen the auditors’ responsibilities related to fraud by defining the expectations in relation to fraud and increasing transparency about the auditors’ responsibilities and fraud-related procedures in the auditor’s report.

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Public Papers and Agenda are now available for AUASB meeting 141 are now available

13 Feb
2024
13 February 2024

The Public Agenda and Papers for AUASB Meeting 141 to be held on 19 February 2024 is now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by COB Friday 16 February 2024, by emailing [email protected], detailing:

  • Name
  • Entity
  • Email address and
  • The Agenda Number for the sessions they wish to observe.

 

Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

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Congratulations to former AUASB Chair, Ms Merran Kelsall, on her induction into the Australian Accounting Hall of Fame

07 Feb
2024
07 February 2024

The Office of the Auditing and Assurance Standards Board (AUASB) congratulates Ms. Merran Kelsall AO on her induction into the 2024 Australian Accounting Hall of Fame. Ms. Kelsall’s induction recognises her outstanding contribution to the accounting and auditing profession over 45 years.

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AUASB Consultation on IAASB ED as a result of revisions to PIE definitions

05 Feb
2024
05 February 2024

The AUASB has released a Consultation Paper seeking public comment on the IAASB’s Exposure Draft on  proposed narrow scope amendments for audits of Public Interest Entities (PIEs). The proposed revisions have two key objectives. First, they would align definitions and requirements in IAASB standards with new definitions for publicly traded and public interest entities in the IESBA Code. Second, the amendments would extend the applicability of existing differential requirements for listed entities to meet heightened stakeholder expectations regarding audits of public interest entities (PIE).

In addition to the invitation to comment on the Consultation Paper , the AUASB is hosting a Virtual Roundtable on 5 March to take stakeholders through the key proposals of...

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FRC reappoints AUASB Board Members

22 Dec
2023
22 December 2023

AUASB Chair, Mr Doug Niven, welcomed the reappointment of the following three members of the Auditing and Assurance Standards Board, as announced by the Financial Reporting Council (FRC) .

These members have been reappointed on a part-time basis for a term to commence 1 January 2024 and end on 30 June 2026.

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AUASB Research Report 10: Deakin-AUASB Sustainability Assurance Research Workshop

22 Dec
2023
22 December 2023

The Deakin-AUASB Sustainability Assurance Research Workshop, held in October 2023, demonstrated the importance of collaboration across academia and standard setting. The AUASB Research Report summarises presentations from the Workshop related to Sustainability Assurance which play an important role in informing the AUASB's standard setting activities amid preparations for assurance over climate related disclosures.

 

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The December 2023 AUASB Newsletter is now available

22 Dec
2023
22 December 2023

The December 2023 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB

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Updates to AUASB Digital Standards Portal

21 Dec
2023
21 December 2023

The AUASB has recently updated the Digital Standards Portal (“the portal”) to reflect the suite of AUASB Standards effective for the financial year ending 31 December 2023. The AUASB has recorded a short video to help users to navigate around the portal. Click here to watch the video now.

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AUASB Feedback Statement – Decision Not to Adopt the ISA for LCE Standard in Australia

21 Dec
2023
21 December 2023

At its meeting on 6 December 2023, the AUASB reflected on prior consultations and public interest considerations and determined not to adopt the International Standard on Auditing of Financial Statements of Less Complex Entities  in Australia. The AUASB have issued a Feedback Statement which summarises the AUASB’s position on the adoption of this standard in Australia.

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Revised standards have been issued as a result of the revised ASA 600

20 Dec
2023
20 December 2023

The AUASB has revised eighteen standards which are available on the AUASB Website . These auditing standards have been revised as a result of amendments arising from ASA 600   Audits of a Group Financial Report (Including the Work of Component Auditors) . The revised standards are also accessible via the Digital Portal .

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AUASB highlights for Meeting 140 are now available

07 Dec
2023
07 December 2023

AUASB board meeting 140 Highlights for 6 December 2023 are now available, click here to view.

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AUASB response to the IAASB on the Proposed International Standard on Sustainability Assurance

05 Dec
2023
05 December 2023

The AUASB has now submitted its response to the IAASB on the Proposed International Standard on Sustainability Assurance (ED-5000).  The AUASB thanks all stakeholders for their valuable input informing the AUASB’s response. A copy of the response is available here .

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Public Agenda and Papers for AUASB Meeting 140 is now available

05 Dec
2023
05 December 2023

The   Public Agenda and Papers f or AUASB Meeting 140 to be held on 6 December 2023, is now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest.

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AASB-AUASB Joint Research Report: Trends in climate-related disclosures and assurance in the Annual Reports of ASX-listed entities

27 Nov
2023
27 November 2023

The AASB and the AUASB have recently published an updated joint Research Report (authored by Jean You and Professor Roger Simnett) which identifies climate-related disclosures and associated assurance practices in the Annual Reports of ASX-listed entities. This publication builds on the previously issued AASB-AUASB Research Report Climate-related disclosures and assurance in the annual reports of ASX-listed companies by extending the 2018-2021 sample period to 2022.

 

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Public Agenda and Papers for AUASB Meeting 139 are now available

21 Nov
2023
21 November 2023

The Public Agenda and Papers for AUASB Meeting 139 to be held on 23 November 2023, are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest.

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Submissions to the AUASB Consultation Paper General Requirements for Sustainability Assurance Engagements closes Friday 10 November

03 Nov
2023
03 November 2023

The AUASB encourages all interested stakeholders to provide written responses to the AUASB Consultation Paper Exposure of the IAASB’s Proposed ISSA 5000 General Requirements for Sustainability Assurance Engagements .

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The September 2023 AUASB Newsletter is now available

28 Sep
2023
28 September 2023

The September 2023 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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Mr Doug Niven appointed as AUASB Chair

21 Sep
2023
21 September 2023

On 20 September 2023, the Assistant Treasurer announced the appointment of Mr Doug Niven FCA as the full-time Chair and CEO of the Auditing and Assurance Standards Board (AUASB) for a period of 5 years.  Doug has been Acting Chair since 31 July 2023.

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AUASB highlights for Meeting 138 are now available

14 Sep
2023
14 September 2023

AUASB board meeting 138 Highlights for 12 September 2023 are now available, click   here  to view.

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AUASB Roundtables to obtain feedback on ED ISSA 5000 Sustainability Assurance

13 Sep
2023
13 September 2023

The AUASB has released a Consultation Paper seeking public comment by 1 0 November 2023 on the IAASB’s Exposure Draft on International Standard on Sustainability Assurance IS S A 5 00 0, General Requirements for Sustaina bility Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards .

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Public Agenda and Papers for AUASB Meeting 138 are now available

11 Sep
2023
11 September 2023

The   Public Agenda  and  Papers for AUASB Meeting 138, to be held on 12 September 2023, are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest.

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IAASB Webinar Assurance on Sustainability Reporting

11 Sep
2023
11 September 2023

The IAASB have recently held deep dive educative webinars on the proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements .

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IAASB International Standard Sustainability Assurance 5000 FAQ

30 Aug
2023
30 August 2023

The AUASB released its  Consultation Paper  seeking public comment on the IAASB’s Exposure Draft on Proposed ISSA 5000  General Requirements for Sustainability Assurance Engagements  (Proposed ISSA 5000).  The AUASB now shares the IAASB’s Frequently Asked Questions providing some insights on ISSA 5000.

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AUASB Submission on the IAASB’s Exposure Draft on ISA 570 (Revised) Going Concern

24 Aug
2023
24 August 2023

The AUASB has lodged its submission to the IAASB on its Exposure Draft of ISA 570 (Revised), Going Concern . While overall supportive of the IAASB’s revisions to the proposed standard that are designed to strengthen the auditor’s evaluation of management’s assessment and enhance transparency in the auditor’s report relating to Going Concern, the AUASB has identified several matters which it considers need further consideration by the IAASB.

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Dr Jenny Yang appointed as AUASB Scholar

22 Aug
2023
22 August 2023

The AUASB has appointed Dr Jenny Yang, a Senior Lecturer at UNSW Business School, as an AUASB Scholar from 1 July 2023.

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Public Agenda and Papers for AUASB Meeting 137 are now available

18 Aug
2023
18 August 2023

The   Public Agenda  and  Papers for AUASB Meeting 137, to be held on 23 August 2023, are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest

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AUASB Releases Consultation Paper on the IAASB’s Proposed ISSA 5000 General Requirements for Sustainability Assurance Engagements

17 Aug
2023
17 August 2023

The AUASB releases its Consultation Paper seeking public comment on the IAASB’s Exposure Draft on Proposed ISSA 5000 General Requirements for Sustainability Assurance Engagements (Proposed ISSA 5000).

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Highlights for AUASB Board meeting 136 are now available

15 Aug
2023
15 August 2023

AUASB board meeting 136 Highlights for 14 August 2023 are now available, click here to view.

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Public Agenda and Papers for AUASB Meeting 136 are now available

10 Aug
2023
10 August 2023

The Public Agenda and Papers for AUASB Meeting 136, to be held on 14 August 2023, are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest.

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New AUASB Bulletin – What not-for-profit entities need to know about the differences between an audit or review

11 Jul
2023
11 July 2023

The AUASB has issued a new Bulletin on What not-for-profit entities need to know about the differences between an audit and review  as part of its series targeted at the not-for-profit (NFP) sector.

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The June 2023 AUASB Newsletter is now available

29 Jun
2023
29 June 2023

The June 2023 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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Implementation support materials on ASA 600

28 Jun
2023
28 June 2023

Looking for answers to commonly asked questions about the revised ASA 600? Our staff have prepared a Frequently Asked Questions (FAQs) document for auditors which addresses key implementation questions that arise when an auditor is considering how ASA 600 Special Considerations — Audits of a Group Financial Report (Including the Work of Component Auditors) is to be applied in a particular audit.

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AUASB Feedback Statement – Expanding Key Audit Matters beyond listed entities

20 Jun
2023
20 June 2023

At the time ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report was issued, the AUASB committed to reconsider its scope as part of its post implementation review. In December 2022 the AUASB issued Discussion Paper Expanding Key Audit Matters beyond listed entities requesting feedback on this matter. The AUASB considered the feedback received and agreed not to extend the communication of KAMs at this time. The AUASB have issued a Feedback Statement which summarises the feedback received and the AUASB’s conclusion on this matter....

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Feedback Statement — Post Implementation Review of ASAE 3500 Performance Engagements

16 Jun
2023
16 June 2023

In accordance with the AUASB’s Due Process Framework , the AUASB has recently conducted a Post Implementation Review (PIR) of its Standard on Assurance Engagements ASAE 3500 Performance Engagements , to evaluate the effectiveness and efficiency of the Standard’s implementation in practice.

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Congratulations to Ms Kris Peach and Ms Ruth Picker

15 Jun
2023
15 June 2023

The Board and staff of the AUASB would like to congratulate, former AASB Chair, Deputy Chair and Board Member, Kris Peach and former AASB Acting Chair, Deputy Chair and Board Member Ruth Picker, on being awarded an AM in the recent King's Birthday honours.

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Highlights for June Meeting 135 are now available

15 Jun
2023
15 June 2023

AUASB June 2023 meeting Highlights are now available, click here  to view.

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Public Agenda and Papers for AUASB Meeting 135 are now available

08 Jun
2023
08 June 2023

The Public Agenda and Papers for AUASB Meeting 135, to be held on 14 June 2023, are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest

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Recent Update to AUASB Digital Standards Portal

06 Jun
2023
06 June 2023

The AUASB has recently updated the Digital Standards Portal (“the portal”) to reflect the suite of AUASB Standards effective for the financial year ending 30 June 2023. To enable users to effectively find a standard that is applicable for a particular reporting period, a useful tab named “By Reporting Period” allows users to filter the standards using a reporting date filter. Click here to try it now.

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Public Agenda for AUASB meeting 14 June 2023 is now available

02 Jun
2023
02 June 2023

The   Public Agenda   for AUASB meeting 135 is now available.

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AUASB Roundtables to obtain feedback on ED ISA 570 (Revised) Going Concern

29 May
2023
29 May 2023

The AUASB has released a Consultation Paper seeking public comment by 14 August 2023 on the IAASB’s Exposure Draft on International Standard on Auditing (ISA) 570 (Revised), Going Concern.

The proposed amendments will impact all audit engagements and now is the time to have your say. In addition, we will take this opportunity to provide stakeholders with information regarding the proposed sustainability assurance standard.

To facilitate gathering feedback from stakeholders, the AUASB is holding roundtables in Melbourne and online in July and August.

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Stakeholder database updates 2023

25 May
2023
25 May 2023

The Australian Accounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB)  are conducting a review of our stakeholder database, to ensure our records of stakeholders are up  to date.

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The recording of the AASB-AUASB Dialogue Series on navigating going concern disclosures in financial reports and the relevant auditor's responsibilities is now available on the AASB website.

19 May
2023
19 May 2023

The AASB and AUASB, jointly with CPA Australia and CA ANZ held a Dialogue Series on Wednesday, 10 May 2023 to discuss issues related to going concern disclosures and auditing. The recording of this session is now available on the  AASB website

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New Update to the AUASB Digital Standards Portal

15 May
2023
15 May 2023

The AUASB Digital Standards Portal (“the portal”) has been updated to provide access to the suite of AUASB Guidance Statements (GSs). Users can access the portal version of all GSs here .

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AASB-AUASB Joint Research Report: Australian Listed Entities: Recognised intangible assets and key audit matters

11 May
2023
11 May 2023

The AASB-AUASB published a joint research report (with Professor Matthew Pinnuck and Dr Mark Willis) that aims to understand the significance of recognised intangible assets on the balance sheets of Australian listed entities.

 

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Vale Ian Macintosh

11 May
2023
11 May 2023

The AUASB expresses its condolences to the family and friends of Ian Mackintosh, who sadly passed away last week.  Ian was a widely respected standard-setter with a long and varied career across multiple continents.  

 

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Consultation Paper on the exposure of the IAASB’s proposed ISA 570 (Revised), Going Concern

03 May
2023
03 May 2023

The AUASB has today released a Consultation Paper to expose the IAASB’s Proposed ISA 570 (Revised), Going Concern .

The proposed amendments will impact all audits. For an overview of the key changes refer to this AUASB webcast .

The AUASB invites all stakeholders to comment on the Consultation Paper via the AUASB website by 14 August 2023.

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Highlights of May 2023 meeting now available

02 May
2023
02 May 2023

AUASB March 2023 meeting Highlights are now available, click  here  to view.

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The April 2023 AUASB Newsletter is now available

28 Apr
2023
28 April 2023

The April 2023 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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Public Agenda and Papers for AUASB Meeting 2 May 2023 are now available

27 Apr
2023
27 April 2023

The Public Agenda and Papers for AUASB Meeting 134 are now available.

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AUASB Sustainability Assurance Update

20 Apr
2023
20 April 2023

This Sustainability Assurance publication , prepared by AUASB staff, is the third in a series, with the first update  issued in October 2022 and the second update issued in February 2023. This publication is more technical in nature than the previous publications and provides an update as to key advancements in the IAASB’s Proposed International Standard on Sustainability Assurance (ISSA) 5000. Importantly, the IAASB intends to issue the Exposure Draft of Proposed ISSA 5000 in the second half of 2023. The AUASB plans to conduct extensive outreach during the exposure period to ensure Australian feedback on the IAASB Exposure Draft...

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AASB-AUASB Dialogue Series – Navigating Going Concern Disclosures in Financial Reports and the Relevant Auditor's Responsibilities

17 Apr
2023
17 April 2023

The AASB and AUASB, jointly with CPA Australia and CA ANZ will hold a Dialogue Series on Wednesday, 10 May 2023 (4:00 PM-5:30 PM AEST) to discuss issues related to going concern disclosures and auditing. Associate Professor Brad Potter (University of Melbourne) and Rebecca Mattocks (PhD candidate of Monash University) will present their relevant research findings. The panel discussion will feature Anne Waters (Deputy Technical Director of AUASB) and Toby Langley (EGM - Customer and Strategic Finance, Xero), offering their distinct perspectives. The session will be chaired by Amir Ghandar (Reporting and Assurance Leader at CA ANZ).

For more...

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Withdrawal of GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities

06 Apr
2023
06 April 2023

The AUASB has approved the withdrawal of GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities at the March 2023 AUASB meeting. The existing content  in    GS 0 19 has been retained and updated in the AUASB Bulletin Auditing Fundraising Revenue of Not-for-Profit Entities in a Digital Age . If there are any concerns with the withdrawal of GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities kindly contact us via [email protected] by 5 May 2023.

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AUASB issues ASA 2023-1 Amendments to Australian Auditing Standards

28 Mar
2023
28 March 2023

AUASB issues ASA 2023-1 Amendments to Australian Auditing Standards . The amendments arise from changes made by the Australian Accounting Standards Board to AASB 101 Presentation of Financial Statements ; changes made by the Accounting Professional & Ethical Standards Board to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) and minor editorial corrections.

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CA ANZ and Professor Peter Wells releases report on digital reporting

27 Mar
2023
27 March 2023

Chartered Accountants ANZ and Professor Peter Wells have recently published a report " Can digital reporting tame the corporate reporting beast? " exploring how digital reporting can potentially address the challenges faced by corporate reporting.

This report is relevant to both the AASB and AUASB’s work programs. In particular, the Parliamentary Joint Committee (PJC) inquiry into the Regulation of Auditing in Australia recommended that the Australian Government take appropriate action to make digital financial reporting standard practice in Australia.

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Post Implementation Review of ASAE 3500 Performance Engagements

27 Mar
2023
27 March 2023

The AUASB is undertaking a Post Implementation Review (PIR) of Standard on Assurance Engagements ASAE 3500  Performance Engagements and is seeking feedback from stakeholders by 28 April 2023.

 

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AUASB issues an Updated Version of AUASB Guidance Statement GS 023 to support Public Sector Auditors in applying Auditing Standard ASA 220

21 Mar
2023
21 March 2023

The AUASB has released an updated version of Guidance Statement GS 023  Special Considerations – Public Sector Engagements , which includes additional explanatory and application material to support public sector auditors in applying Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information to public sector engagements.  GS 023 is to be read and applied together with ASA 220.

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Highlights of March 2023 meeting now available

16 Mar
2023
16 March 2023

AUASB March 2023 meeting Highlights are now available, click here to view.

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CPA Australia and APESB Event: Global developments in Ethics and Assurance for Sustainability

09 Mar
2023
09 March 2023

CPA Australia and the Accounting Professional and Ethical Standards Board (APESB) are hosting an event on “Global developments in Ethics and Assurance for Sustainability” on Thursday 30 th March in Sydney. The panel will consist of Mark Babington, Bill Edge, Doug Niven and Marje Russ.

Further details and how to register can be found here .

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Public Agenda for AUASB meeting 15 March 2023 is now available

02 Mar
2023
02 March 2023

The Public Agenda for AUASB meeting 133 is now available.

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AUASB Technology Update

27 Feb
2023
27 February 2023

This AUASB Technology Update provides a summary of the existing technology guidance available on our website to assist with using automated tools and techniques (ATTs) in audits. Additionally, this document provides links to guidance issued by the IAASB, other National Standard Setters and Professional Accounting Bodies.

Stakeholders are encouraged to share questions or additional feedback on this topic, including suggestions for additional guidance areas the AUASB should consider regarding the use of technology in an audit. Please send any comments to the AUASB at [email protected] .

For further information refer to the Technology Implementation Support page on the AUASB Website available at: https://www.auasb.gov.au/implementation-support/technology/ .

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The February 2023 AUASB Newsletter is now available

27 Feb
2023
27 February 2023

The February 2023 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

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AUASB Sustainability Assurance Update released

24 Feb
2023
24 February 2023

This AUASB Sustainability Assurance Update has been prepared by AUASB Staff to provide an update as to key advancements and timings as it relates to sustainability assurance developments.  Additionally, this publication highlights the interplay of the various International Standard Setters. Importantly, the IAASB’s proposed Standard on Sustainability Assurance ISSA 5000 will be finalised and ready for use in time for the International Sustainability Standards Board’s IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures as well as the European Union’s reporting timeframes.

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Consultation Paper on the exposure of the IAASB’s Proposed Part 10 ISA for LCE Group Audits

15 Feb
2023
15 February 2023

The AUASB today released a Consultation Paper on the exposure of the IAASB’s Proposed Part 10, Audits of Group Financial Statements of the Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE Group Audits) and seeks public comment by 11 April 2023.

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Feedback requested to the AUASB on the IAASB’s Proposed Strategy and Work Plan for 2024‒2027

14 Feb
2023
14 February 2023

The AUASB welcomes feedback on the IAASB’s Proposed Strategy and Work Plan for 2024‒2027

The AUASB’s response to the IAASB’s Proposed Strategy and Work Plan for 2024‒2027 Consultation Paper will be reviewed at the upcoming AUASB Meeting being held on 15 March 2023. All AUASB stakeholders are encouraged to provide any feedback on the IAASB’s Consultation Paper (either in writing or directly to the AUASB Technical Director via email at [email protected] ) by 3 March 2023 .

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Former AUASB Chair Merran Kelsall appointed as an Officer of the Order of Australia

06 Feb
2023
06 February 2023

On behalf of the Auditing and Assurance Standards Board (AUASB) we extend our congratulations to former AUASB Chair Merran Kelsall AO on her appointment as an Officer of the Order of Australia in the recent 2023 Australia Day Honours List.

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UPDATE – HAVE YOUR SAY AT: AUASB Roundtables on Key Audit Matters and Audit Evidence

06 Feb
2023
06 February 2023

These sessions will continue to run in person in Melbourne on 13th February and virtually on Monday 20th February 2023. The Sydney in person session has been cancelled. We strongly encourage you to attend one of these two sessions.

Please Register here by Thursday 9th February 2023 to attend one of these important roundtables.

 

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Revised standards have been issued as a result of Quality Management Standards and other pronouncements

22 Dec
2022
22 December 2022

The AUASB has revised a series of standards as a result of amendments arising from the new and revised Quality Management Standards, ASA 315 Identifying and Assessing the Risks of Material Misstatement and APES 110 Code of Ethics for Professional Accountants (including Independence Standards) .

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Perceptions of Audit Quality by Audit Committee Chairs in Australia

20 Dec
2022
20 December 2022

Audit Committee Chairs play an important role in the quality of financial reporting and audit quality. The FRC and AUASB commissioned independent research to gather perspectives on audit quality from a sample of ACCs. This builds on previously conducted surveys of ACCs (one in  2018  and another in  2020) . This report has been authored by the independent researchers and details the feedback they received.

Pleasingly and importantly ACCs remain very satisfied with the quality of their external auditor. The results are consistent with previous surveys. 

Link to report

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Supporting Auditors in Enhancing Audit Quality

20 Dec
2022
20 December 2022

This AUASB bulletin provides an update on our previously issued Supporting Auditors in Enhancing Audit Quality December 2021 , in response to the recently issued Audit Inspection Report 30 June 2022 and ASIC’s Focus Areas for 31 December 2022 .

This refers to previously issued standards and guidance which are still relevant, as well as revised standards which become effective for the December 2022 reporting period and recently issued guidance.

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AASB-AUASB Joint Research Report on Climate-Related Disclosures and Assurance in the Annual Reports of ASX Listed Companies

19 Dec
2022
19 December 2022

The AASB-AUASB published a joint research report (authored by Jean You and Professor Roger Simnett) that identifies climate-related disclosures and associated assurance practices in Annual Reports of ASX-listed entities.

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IAASB Guidance to assist auditors on IAS 1 changes

16 Dec
2022
16 December 2022

The IAASB has recently published new guidance to help auditors understand the impact on the ISAs due to narrow-scope amendments that have been made to IAS 1 Presentation of Financial Statements which require entities to disclose their material accounting policy information, instead of significant account policies. These amendments are effective for annual reporting periods beginning on or after 1 January 2023.

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AUASB Roundtables to obtain feedback on Should KAMs be extended beyond listed entities and ED ISA 500 Audit Evidence

13 Dec
2022
13 December 2022

The AUASB is holding Roundtables in February 2023 to gather stakeholder’s views and input to the AUASB on:

Also to assist stakeholder’s understanding of the Consultation Paper ED ISA 500 Audit Evidence please view the introductory  webinar .

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AUASB Discussion Paper - Should KAMs be extended beyond listed entities?

07 Dec
2022
07 December 2022

At the time of issuing ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report the AUASB committed to reconsidering its scope as part of the post implementation review. The AUASB has now issued a  Discussion Paper seeking feedback from stakeholders on whether the communication of KAMs should be expanded beyond listed entities. Comments close 31 March 2023.

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AUASB Agenda Consultation Feedback Statement

02 Dec
2022
02 December 2022

The AUASB undertakes a formal Agenda Consultation process with stakeholders at least once every five years to obtain timely feedback on current and emerging auditing and assurance issues. Comments on this process were requested by July 2022.

In response to all comments received from stakeholders on this latest Agenda Consultation process the AUASB worked through all submissions received and outreach comments that were received at its September 2022 meeting. A summary of the feedback and the AUASB’s conclusions from the Agenda Consultation process has now been released in a Feedback Statement   that documents the implications for AUASB’s future...

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Highlights of November 2022 Meeting now available

01 Dec
2022
01 December 2022

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

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AUASB Consultation on Proposed IAASB Standard on Auditing ISA 500 (Revised) Audit Evidence

29 Nov
2022
29 November 2022

The AUASB has released a Consultation Paper seeking public comment on the IAASB’s Exposure Draft on International Standard on Auditing (ISA) 500, Audit Evidence. The current ISA 500 addresses an auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate evidence to draw reasonable conclusions on which to base the auditor’s opinion.

In addition to the invitation to comment on the Paper, the AUASB will soon release an educative Webinar about the key themes and changes that the Proposed ISA 500 (Revised) Audit Evidence seeks to address.  This will be accessible via the AUASB website .

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Public Agenda and Papers for AUASB Meeting 28-29 November 2022 are now available

25 Nov
2022
25 November 2022

The Public Agenda and Papers for AUASB Meeting is now available.

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The November 2022 AUASB Newsletter is now available

11 Nov
2022
11 November 2022

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

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FRC Appoints Board Members to AUASB

10 Nov
2022
10 November 2022

AUASB Chair, Bill Edge, welcomed the appointment of two new members of the Auditing and Assurance Standards Board, as announced by the Financial Reporting Council  (FRC).

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New AUASB Bulletin - Evaluating the Reliability of Data obtained for Use in Audit Technology Tools

09 Nov
2022
09 November 2022

The relevance and reliability of data to be used as audit evidence is fundamental to obtaining sufficient and appropriate audit evidence. A new AUASB Bulletin Evaluating the Reliability of Data obtained for Use in Audit Technology Tools has been issued to assist auditors in evaluating the reliability of data when using technology. This publication follows on from the previously issued AUASB Bulletin Integrity of Data Obtained for the Purpose of an Audit of a Financial Report .

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AUASB Research Report No. 8: ANCAAR - AUASB Research and Regulation Workshop

04 Nov
2022
04 November 2022

The Australian National Centre for Audit & Assurance Research (ANCAAR) - AUASB Research and Regulation Workshop, held in September 2022 was a critical exercise demonstrating how the AUASB engages with the academic community. This AUASB Research Report ( AUASB Research Report 8: ANCAAR – AUASB Research and Regulation Workshop ) summarises presentations from the workshop, including the implications for the AUASB. As detailed in AUASB’s evidence informed standard setting (EISS) strategy the AUASB encourages and supports research that provides evidence on the current audit and assurance environment that informs our current and future agenda.

 

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Are you ready for ASA 315?

04 Nov
2022
04 November 2022

ASA 315 Identifying and Assessing the Risks of Material Misstatement is effective for financial reporting periods commencing on or after 15 December 2021 (i.e., December 2022 year ends).

The AUASB has a web page containing FAQs and Publications to support the implementation of ASA 315.

Now the IAASB has issued a ‘ First-Time Implementation Guide ’ for this new standard which helps auditors understand and apply the revised standard. The First-Time Implementation Guide includes an explanation of the substantial changes from the previous version of ASA/ISA 315, but importantly also what concepts have not changed.

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IAASB Publication on Reporting Going Concern Matters in the Auditor's Report

04 Nov
2022
04 November 2022

As the AUASB and IAASB currently review the existing Auditing Standard relating to Going Concern ( ASA 570 ), and auditors face challenging economic conditions which may result in an increased occurrence of Going Concern audit risks, this new publication from the IAASB describing common questions related to reporting going concern matters in the auditor’s report is a helpful tool.

The publication focuses on the use of and interrelationship of the Material Uncertainty Related to Going Concern and Key Audit Matters sections, and the Emphasis of Matter paragraphs, in an auditor’s report prepared in accordance with the Auditing Standards.

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AUASB Board Chair Response to ASIC Reports

28 Oct
2022
28 October 2022

The Chair of the Auditing and Assurance Standards Board, Mr. Bill Edge, welcomes ASIC’s Audit inspection report: 1 July 2021 to 30 June 2022 .

"The Audit Inspection findings are an important indicator of audit quality and compliance with our auditing standards”, Mr Edge said.

 

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AUASB Sustainability Assurance Update – October 2022

07 Oct
2022
07 October 2022

Existing AUASB Assurance Standards are widely accepted and currently used to perform sustainability assurance engagements and remain robust and appropriate.  This AUASB Sustainability Assurance Update has been prepared by AUASB Staff to inform stakeholders, as we will continue to do, as to guidance available for sustainability assurance and recent activities being considered internationally as part of the development of an overarching standard for assurance on sustainability reporting for use by all assurance practitioners.

 

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Australian Accounting Hall of Fame Colin Ferguson Oration by AUASB Chair - Recent Developments in Sustainability Reporting

06 Oct
2022
06 October 2022

The Colin Ferguson Oration is the address given to attendees at the annual Australian Accounting Hall of Fame dinner and presentation evening. This year's oration was delivered by Bill Edge, the current chair of the Auditing and Assurance Standards Board (AUASB), and a member of both the International Auditing and Assurance Standards Board and Australia's Financial Reporting Council in March 2022.

Bill's oration examined developments in formalising sustainability reporting and has now been published in the Australian Accounting Review (AAR). We thank the editors of the AAR journal for making Bill’s oration publicly available for everyone to read here

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Audit Committees supporting Audit Quality

28 Sep
2022
28 September 2022

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 have issued a new publication, Periodic Comprehensive Review External Auditor , which provides guidance on a process and matters to consider when assessing their auditor.

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

26 Sep
2022
26 September 2022

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 of sustainability-related information. IOSCO’s statement endorses the need for a globally consistent approach to this issue being led by the IAASB, which then the AUASB are likely to review and adopt (subject to any local conforming amendments) as is the case with other IAASB standards.

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ANCAAR and AUASB Audit and Assurance Research and Regulation Workshop

19 Sep
2022
19 September 2022

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 AUASB’s standard setting agenda as part of our Evidence Informed Standard Setting Strategy . The workshop was attended by AUASB staff, leading auditing and assurance academics and representatives from regulators and the accounting professional bodies. Some of the topics discussed were assurance over Sustainability Reporting, Going Concern, Fraud, the Auditing of Less Complex Entities, Internal Control Reporting, and Public Sector

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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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Industry Bodies Welcome New Auditing Standard Website

01 Jun
2021
01 June 2021

The Australian Auditing and Assurance Standards Board (AUASB) has launched the first fully interactive website to make it easier for professionals to access and use their standards.

The new website   https://standards.auasb.gov.au/  can be accessed on multiple devices, from desktops, to...

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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
...
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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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