News

AUASB Board member Prof Terence Jeyaretnam AM was recognised in the 2026 King’s Birthday Honours.

The Public Agenda and Papers are now available for AUASB meeting 176 to be held on Friday 12 June 2026.

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 11 June 2026, by emailing [email protected], detailing:

The AUASB welcomes assurance practitioners to these Sustainability sessions.

As part of an ongoing program around Australia, the AUASB is holding the following sessions to cover key aspects of ASSA 5000 and how these to mandatory sustainability assurance engagements.

The Public Agenda and  Papers are now available for AUASB meeting 175 to be held on Monday 1 June 2026.

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 29 May 2026, by emailing [email protected], detailing:

The AUASB has revised GS 002 for changes in APRA prudential standards and other matters.

The AUASB has re-issued GS 018 Franchising Code of Conduct – Auditor's Report to correct some errors in the illustrative auditor's report.

The International Auditing and Assurance Standards Board (IAASB) is conducting a survey on ISA 540 Auditing Accounting Estimates and Related Disclosures as part of a post-implementation review of the standard.  The AUASB is holding a roundtable on 21 May 2026 to gather views from Australian stakeholders.

Click here for further details.

The Public Agenda and Papers   are now available for AUASB meeting 174 to be held on Wednesday 15 April 2026.

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 14 April 2026, by emailing [email protected], detailing:

The International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA) are conducting a joint survey to inform the development of their strategies and Work Plans for 2028–31.  The AUASB and APESB are holding a joint Australian roundtable on 16 April 2026. Click here for further details.

The Public Agenda and Papers are now available for AUASB meeting 173 to be held on Friday 13 March 2026.

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 12 March 2026, by emailing [email protected], detailing:

 The  IAASB has launched two public consultation surveys –   a   joint survey with the IESBA   to support its strategy for 2028-31   and   a   post-implementation review   survey   on  ISA 540  (auditing accounting estimates) .    The AUASB   will   conduct roundtables to seek feedback from Australian stakeholders on these topics.

The Public Agenda and Papers   are now available for AUASB meeting 172 to be held on Wednesday 25 February 2026.

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 24 February 2026, by emailing [email protected], detailing:

The AUASB   has   issued a revised   guidance statement GS 011   Providing Access to Audit Working Papers . Auditors may consider GS 011 when   establishing  and agreeing the conditions under which an auditor voluntarily grants third parties and group  auditor's  access to their audit working papers.

The AUASB today released Illustrative Corporations Act Sustainability Assurance Reports . These Illustrative Reports are intended to promote consistent reporting by auditors from 31 December 2025.  Click here for more information.

The AUASB has issued ASSA 2025-10 which requires the phasing in of assurance for Group 1, 2 and 3 entities to be applied for voluntary sustainability reports under the Corporations Act 2001. For more information click here .

The Agenda and Papers are now available for AUASB virtual meeting 171 to be held on Tuesday 6 January 2026.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by COB Monday 5 January 2026, by emailing [email protected], detailing:

The Agenda and Papers are now available for AUASB virtual meeting 170 to be held on Wednesday 17 December 2025.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by COB Tuesday16 December 2025, by emailing [email protected], detailing:

The Public Agenda and Papers are now available for AUASB virtual meeting 169 to be held on Thursday 4 December 2025.

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 3 December 2025, by emailing [email protected], detailing:

The Agenda and Papers are now available for AUASB virtual Meeting 168 to be held on Wednesday 12 November 2025.

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 11 November 2025, by emailing [email protected], detailing:

The AUASB has released ED 03/25 Proposed Australian Standard on Sustainability Assurance ASSA 2025-11 Amendments to ASSA 5000 General Requirements for Sustainability Assurance Engagements . The exposure draft proposes adding four illustrative Corporations Act auditor’s reports to ASSA 5000. Comments are due 3 December 2025.

Please note: We have experienced an error submitting comment letters via our website so please email your submissions directly to: [email protected]

The AUASB invites stakeholders to attend a virtual roundtable on its recent sustainability exposure drafts on proposed new illustrative Corporations Act auditor’s reports and proposed amendments to the phasing in of assurance under the Act.

The AUASB has issued a revised auditing standard ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements . ASA 240 applies for financial reporting periods commencing on or after 15 December 2026.

The AUASB has released ED 02/25 Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 .  The exposure draft covers two possible changes to the phasing in of assurance on sustainability reports under the Corporations Act.  Comments are due by 24 November 2025.

Please note: We have experienced an error submitting comment letters via our website so please email your submissions directly to: [email protected]

The Agenda and Papers are now available for AUASB virtual Meeting 167 to be held on Monday 27 October 2025.

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 24 October 2025, by emailing [email protected], detailing:

AUASB in-person board meeting 166 to be held on Tuesday 14 October 2025. The Agenda and Public 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 Monday 13 October 2025, by emailing [email protected], detailing:

Auditors of franchisor solvency statements should refer to the new Franchising Code.  

The Agenda and Papers are now available for AUASB virtual Meeting 165 to be held on Wednesday 10 September 2025.

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 September 2025, by emailing [email protected], detailing:

The AASB, AUASB and CA ANZ have published an independent research report on climate-related disclosures and assurance in the 2023 and 2024 annual reports of ASX-listed entities.

On 14 July 2025, the AUASB issued considerations for auditors on using AI tools in audits, auditing information prepared by an entity using AI, and improving communications using AI

The Agenda and Papers are now available for AUASB virtual Meeting 162 to be held on Wednesday 9 July 2025.

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 8 July 2025, by emailing [email protected], detailing:

Highlights for AUASB Board Meeting 161 on 11 Jun 2025 now available, click here to view.

The AUASB decided in May 2025 to amend ASSA 5000 to address practical Implementation matters.

The AUASB will consider adopting any revised APES 110 that includes the new Part 5 from the APESB’s
effective date.

The Public Agenda  and Papers are now available for AUASB virtual Meeting 161 to be held on Wednesday 11 June 2025.

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 10 June 2025, by emailing [email protected], detailing:

The AUASB approved the adoption of international standard ISA 570, Going Concern in Australia at the May 2025 AUASB meeting.  ASA 570 applies for financial reporting periods commencing on or after 15 December 2026.

The AUASB seeks comments on proposed minor amendments to assurance standards on the use of external experts. Comments close on 7 July 2025 .

Highlights for AUASB Board Meeting 160 on 14 May 2025 now available, Click here  to view.

The Agenda and Papers are now available for AUASB virtual Meeting 160 to be held on Wednesday 14 May 2025.

The AUASB has issued a Research Report summarising Sustainability assurance research undertaken by leading researchers in auditing and assurance.  The research findings were presented to the AUASB at a Sustainability Assurance Research Workshop held in February 2025.

The AUASB has released Exposure Draft ED 01/25  seeking public comment on proposed amendments to ASSA 5000 General Requirements for Sustainability Assurance Engagements to:

• address possible practical matters arising on the initial application of international ethical requirements for sustainability assurance under ASSA 5000; and
• provide more time for audit firms to update methodologies for differences between ASSA 5000 and ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information .

Comments on ED 01/25 close 1 May 2025. 

The Public Agenda and Papers  are now available for AUASB virtual Meeting 159 to be held on Thursday 27 March 2025.

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 26 March 2025, by emailing [email protected], detailing:

Highlights for AUASB Board Meeting 158 on 11 March 2025 now available, click  here  to view.

The IAASB has recently published ISSA 5000 Implementation Guide to help practitioners in conducting assurance engagements in accordance with ISSA 5000 General Requirements for Sustainability Assurance Engagements .

AUASB virtual board meeting 159 to be held on Thursday 27 March 2025. Public papers and Agenda to be posted by COB 20 March 2025.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by COB Wednesday20 March 2025, by emailing [email protected], detailing:

The Public Agenda   and Papers  are now available for AUASB virtual Meeting 158 to be held on Tuesday 11 March 2025.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by COB Monday 10 March 2025, by emailing [email protected], detailing:

Highlights for AUASB Board Meeting 157 on 19 February 2025 now available, click here  to view.

In December last year, the AASB issued a call for  innovative research  proposals that would challenge the status quo and meet the future demands of a rapidly evolving reporting landscape.

Recognising the strong interplay between reporting and audit and assurance standards, the AUASB and AASB have agreed to expand the scope of the research proposals to include audit and assurance.  The deadline for proposals has also been expanded to 9 March 2025 .

Click  here  for more information.

The Public Agenda and Papers   are now available for AUASB virtual Meeting 157 to be held on 19 February 2025.

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 18 February 2025, by emailing [email protected], detailing:

Highlights for AUASB Board Meeting 156 on 28 January 2025 now available, click here to view.

The AUASB yesterday approved the adoption of international standard ISSA 5000 General Requirements for Sustainability Assurance Engagements in Australia.

The AUASB also approved ASSA 5010  Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001.

The Public Agenda and Papers  are now available for AUASB virtual Meeting 156 to be held on Tuesday 28 January 2025.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by COB Monday 27 January 2025, by emailing [email protected], detailing:

The December 2024 Newsletter is now available. This newsletter covers the AUASB’s final sustainability assurance phasing in model, developments on a sustainability assurance standard and other matters.

Highlights for AUASB Board Meeting 155 on 16 December 2024 now available, click here  to view.

The AUASB has recently updated the Auditor’s Responsibilities Statements on the AUASB website to reflect the changes arising from ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) which will become effective for financial years ending 31 December 2024.

The AUASB has released a revised Standard on Assurance Engagements ASAE 3500 Performance Engagements (ASAE 3500 (Revised)), to address the key findings from the AUASB’s Post Implementation Review of the Standard undertaken in 2023.

Highlights for AUASB Board Meeting 154 on 2 December 2024 now available, click here  to view.

The Public Agenda and Papers are now available for AUASB virtual Meeting 155 to be held on Monday 16 December 2024.

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 13 December 2024, by emailing [email protected], detailing:

The Public Agenda and Papers are now available for AUASB virtual Meeting 154 to be held on Monday 2 December 2024.

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 29 November 2024, by emailing [email protected], detailing:

Highlights for AUASB Board Meeting 153 on 19 November 2024 now available, click here to view.

The Public Agenda and Papers for AUASB Meeting 153 to be held on Tuesday 19 November 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 Monday 9 September 2024, by emailing [email protected], detailing:

The AUASB has two opportunities to join our team. This is an exciting opportunity to play a key role in the development and implementation of Australia’s sustainability and financial reporting assurance landscape.

We have positions available for a Senior Manager and Manager.

Click here  for further information.

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

The AUASB invites auditors, experts, users and preparers to attend a Roundtable discussion on: 

• The AUASB Exposure Draft of a Proposed Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (ED 02/24) that outlines a proposed timeline for when information in a Sustainability Report would be subject to audit and/or review; and
• The AUASB Consultation Paper on a proposed amendment to ISSA 5000 General Requirements for Sustainability Assurance Engagements in Australia to prohibit direct assistance provided by internal auditors in a sustainability assurance engagement.

Roundtables will be held in October 2024 in Sydney, Melbourne, Perth and online. Spaces are limited, so register now to avoid disappointment!

The AUASB has released a Consultation Paper seeking public comment on the proposed prohibition of direct assistance provided by internal auditors in sustainability assurance, consistent with the existing prohibition for financial report audits.

The AUASB has released an Exposure Draft of a Proposed Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (ED 02/24) that outlines a proposed timeline for when information in a sustainability report prepared in accordance with Chapter 2M of the Corporations Act 2001 would be subject to audit and/or review. These proposals will affect preparers, users, and auditors, and it is important that we hear the views of a wide range of stakeholders. Comments close 16 November 2024 .

Highlights for AUASB Board Meeting 152 on 10 Sep 2024 now available, click  here  to view.

The Public Agenda and Papers for AUASB Meeting 152 to be held on Tuesday 10 September 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 Monday 9 September 2024, by emailing [email protected], detailing:

Two vacancies currently exist for appointment as a part-time member of the Auditing and Assurance Standards Board (AUASB), starting on 1 January 2025.

The Public  Agenda  and  Papers for AUASB Meeting 151 to be held on 6 August 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 Monday 5 August 2024, by emailing   [email protected], detailing:

The AUASB has issued a  Research Report  authored by Dr Dale Fu and Professor Roger Simnett on the reporting practices and effectiveness of revisions to ASA 720, The Auditor’s Responsibilities Relating to Other Information .

The AUASB has issued a Research Report authored by AUASB Scholar Dr Yitang (Jenny) Yang on the assurance choices made by a sample of medium-sized charities registered with the Australian Charities and Not-for-profits Commission (ACNC) for the 2018 reporting period.

The AUASB today released a Bulletin providing guidance on the audit implications of the new Consolidated Entity Disclosure Statement (CEDS).  The CEDS is required to be included in annual financial reports of public companies prepared under Chapter 2M of the Corporations Act 2001 from financial years commencing 1 July 2023 (i.e. years ending 30 June 2024).

For more information see AUASB Bulletin Audit Implications of the Consolidated Entity Disclosure Statement .

The Public Agenda  and Papers   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:

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:

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

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:

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:

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.

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

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.

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.

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!

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.

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! 

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 .

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.

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.

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

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.

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

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

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

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

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.

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.

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.

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...

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) .

• Julie Crisp , Auditor General for the Northern Territory
• Noel Harding , Professor, Accounting, Auditing and Taxation, UNSW
• Michelle Shafizadeh , Director, Governance and Risk Advisory, Moore Australia
  
  

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

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.

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

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.

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.

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 .

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

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 .

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.

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.

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.

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 .

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

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.

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

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 .

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.

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 .

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.

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.

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

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).

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

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.

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.

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

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.

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....

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.

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.

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

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

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.

The   Public Agenda   for AUASB meeting 135 is now available.

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.

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.

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 . 

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 .

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.

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.  

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.

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

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

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

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...

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...

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.

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.

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.

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.

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.

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

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 .

The Public Agenda for AUASB meeting 133 is now available.

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/ .

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

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.

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.

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 .

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.

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.

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) .

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

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.

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.

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.

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

• Discussion Paper Should KAMs be extended beyond listed entities?
• Consultation Paper ED ISA 500 Audit Evidence .

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

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.

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...

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

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 .

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

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

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).

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 .

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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

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

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.

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.

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 .

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.

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.

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.

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

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.

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

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.

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

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.

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.  

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

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

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.

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

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.

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.

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

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.

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.

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

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

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

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

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.

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

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

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.

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

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 .

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.

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).

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.

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.

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

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.

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.

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

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.

The Agenda for AUASB Meeting 127 is now available.

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.

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.

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.

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.

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.

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 .

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.

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

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.

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

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).

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.

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

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.

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

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.

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.

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.

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.

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

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 .

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

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.

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.

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

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...

The Agenda and Papers for AUASB Meeting 125 are now available

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.

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

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.

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.

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

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:

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?”.

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:

The AUASB seeks public comment by 14 May 2021 on  ED 01/21  Proposed Conforming and Consequential Amendments to the other AUASB Standards as a result of the New and Revised Quality Management Standards .

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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).

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.

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.

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

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.

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...

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

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.

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).

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?”.

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. 

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.

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

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...

The AUASB Meeting 119   Agenda  is now available

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

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).

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.

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.

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.

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.

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.

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

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).

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.

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.

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.

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.

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.

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.

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.

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).