About AUASB

The Auditing and Assurance Standards Board (AUASB) is an independent, non-corporate Commonwealth entity of the Australian Government, responsible for developing, issuing and maintaining auditing and assurance standards.

Sound public interest-oriented auditing and assurance standards are necessary to reinforce the credibility of the auditing and assurance processes for those who use financial and other information. The AUASB standards are legally enforceable for audits or reviews of financial reports required under the Corporations Act 2001.

The AUASB’s role extends to liaison with other standards setters and participation in standard-setting initiatives.

AUASB Vision

• Contribute to stakeholder confidence in the Australian economy, including its capital markets, and enhanced credibility in external reporting through independent auditing and assurance.

AUASB Mission

• Develop, issue and maintain in the public interest, high quality Australian auditing and assurance standards and guidance that meet user needs and enhance audit and assurance consistency and quality.
• Contribute to the development of a single set of auditing and assurance standards and guidance for world-wide use. 

How Board Members Are Appointed

The appointment of members of the AUASB is governed by section 236FA of the ASIC Act. Under these provisions:

• The Financial Reporting Council (FRC) is responsible for appointing members of the AUASB (other than the Chair who is appointed by the relevant Minister).
• A person must not be appointed as a member of the AUASB unless their knowledge of, or experience in, business, accounting, auditing, law or government qualifies them for appointment.
• Appointments are to be made for a period not exceeding five years.
• Members (other than the Chair) hold office on terms and conditions determined by the FRC and are eligible for reappointment.

The AUASB normally has 12 members (including the Chair).  Staff located mainly in Melbourne provide technical and administrative support to the AUASB.

Members of the AUASB are appointed on a part-time basis (except the Chair who is full-time) for terms of either two or three years.

Members are appointed on merit, have a good technical knowledge of auditing and accounting and come from a variety of backgrounds including as audit practitioners, investors, non-executive directors with audit committee experience, preparers of financial reports for large corporates and audit/accounting academics. As well as technical expertise, members will have a broad policy perspective, and a full understanding of the practical business or government environments in which auditing standards are applied. Members will also bring a keen public interest perspective to the Board. Appointments will aim to balance public and private sector expertise and also take gender considerations into account.

Board positions involve a significant time commitment. The AUASB typically holds 7 or 8 meetings a year, comprising a mix of single day and two day meetings. Four or five meetings are typically held in person (usually in Melbourne, although meetings may occasionally be in another capital city).  Other meetings are typically held virtually.  Out of session work to finalise minor issues, involvement in Project Advisory Panels or subcommittees and attendance at related meetings is also expected.

The remuneration of members is determined by the Remuneration Tribunal (see Remuneration Tribunal (Remuneration and Allowances for Holders of Part time Public Office) Determination 2024).

Organisational Structure

Click here to view a diagram of the AASB-AUASB Organisational Structure as at 1 July 2024.