Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_227b
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 227B
Character Range: 27461–29396

227B  AUASB's functions and powers

Functions

 (1) The functions of the AUASB are:
 (a) to make auditing standards under section 336 of the Corporations Act for the purposes of the corporations legislation; and
 (b) to formulate auditing and assurance standards for other purposes; and
 (c) to formulate guidance on auditing and assurance matters; and
 (d) to participate in and contribute to the development of a single set of auditing standards for world‑wide use; and
 (e) to advance and promote the main objects of this Part.

Note 1: The standards made under paragraph (a) are given legal effect by the Corporations Act. The standards formulated under paragraph (b) do not have legal effect under the Corporations Act itself but may be applied or adopted by some other authority.

Note 2: See section 224 and sections 234A to 234D for the framework within which the AUASB is to formulate and make auditing standards.

Powers

 (2) The AUASB has power to:
 (a) engage staff and consultants; and
 (b) establish committees, advisory panels and consultative groups; and
 (c) receive money contributed towards its operating costs; and
 (d) do anything else that is necessary for, or reasonably incidental to, the performance of its functions.

Manner of making and formulating standards

 (3) Without limiting paragraph (1)(a) or (b), the AUASB may make or formulate an auditing standard by issuing the text of an international auditing standard.

 (4) The text of the international auditing standard may be modified to the extent necessary to take account of the Australian legal or institutional environment.

Manner of participating in the development of international standards

 (5) Without limiting paragraph (1)(d), the AUASB may distribute the text of a draft international auditing standard (whether or not modified to take account of the Australian legal or institutional environment) for the purposes of consultation.