Document ID: chunk:federal_register_of_legislation:F2023C01118:body:0:p8
Version: federal_register_of_legislation:F2023C01118
Segment Type: other
Provision Reference: 
Character Range: 22555–25724

meanings attributed below:

Aus 16.1 Assurance engagement means an engagement in which an assurance practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users, other than the responsible party, about the outcome of the evaluation or measurement of a subject matter against criteria.

Aus 16.2 Assurance practitioner means an individual, firm, or other organisation, whether in public practice, industry and commerce, or the public sector conducting assurance engagements, or related services engagements (including engagements to perform agreed-upon procedures).  The term 'assurance practitioner' is referred to in ASRS 4400 as 'practitioner'.

Aus 16.3 Date of report means the date the assurance practitioner signs the report.

(a)                 Deficiency in the firm's system of quality management (referred to as "deficiency" in this ASQM) – This exists when: (Ref: Para. A10, A159–A160)

(i)                 A quality objective required to achieve the objective of the system of quality management is not established;

(ii)               A quality risk, or combination of quality risks, is not identified or properly assessed; (Ref: Para. A11)

(iii)             A response, or combination of responses, does not reduce to an acceptably low level the likelihood of a related quality risk occurring because the response(s) is not properly designed, implemented or operating effectively; or

(iv)             An other aspect of the system of quality management is absent, or not properly designed, implemented or operating effectively, such that a requirement of this ASQM has not been addressed. (Ref: Para. A12)

(b)                Engagement documentation – The record of work performed, results obtained, and conclusions the practitioner reached (terms such as "working papers" or "work papers" are sometimes used).

(c)                Engagement partner[3] – The partner or other individual, appointed by the firm, who is responsible for the engagement and its performance, and for the report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body.

(d)                Engagement quality review – An objective evaluation of the significant judgements made by the engagement team and the conclusions reached thereon, performed by the engagement quality reviewer and completed on or before the date of the engagement report.

(e)                Engagement quality reviewer – A partner, other individual in the firm, or an external individual, appointed by the firm to perform the engagement quality review.

(f)                 [Deleted by the AUASB. Refer Aus 16.4]

Aus 16.4 Engagement team – All partners and staff performing the engagement, and any other individuals who perform procedures on the engagement, excluding an external expert[4]. (Ref: Para. A13)

(g)                External inspections – Inspections or investigations, undertaken by an external oversight authority, related to the firm's system of quality management or engagements performed by the firm. (Ref: Para. A14)

(h)                Findings (in relation