Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p8
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 18568–21382

a Part 6 audit.

2.6  Audit team leader to prepare documentation
 (1) The audit team leader must, in relation to the matter being audited, document the process used by the audit team leader to prepare for, carry out and report on the audit in compliance with this Determination.
 (2) The audit team leader must prepare the documentation in accordance with subsection (1) before signing and dating the assurance engagement report under subsections 3.22(3) and 3.23(2) or verification engagement report under subsection 4.8(2), as the case requires.

Part 3—Assurance engagements

Division 3.1—Overview of Part

3.1  Overview of Part
 (1) The following is an overview of this Part.
 (2) This Part provides for the requirements relating to assurance engagements.
 (3) There are 3 steps in carrying out an assurance engagement as follows:
 (a) preparing for the engagement (see Division 3.2);
 (b) planning and performing the engagement (see Division 3.3);
 (c) reporting on the engagement (see Division 3.4).

Division 3.2—Requirements relating to preparing for an assurance engagement

3.2  Overview of Division
 (1) The following is an overview of this Division.
 (2) The audit team leader prepares for an assurance engagement by preparing the assurance engagement terms.
 (3) The assurance engagement terms must be agreed to in writing by the audit team leader and the person who appointed the audit team leader to carry out the audit.

3.3  Assurance engagement terms
 (1) Before carrying out the assurance engagement, the audit team leader must prepare the terms of the assurance engagement.
 (2) The terms must include the following:
 (a) the objective of the assurance engagement;
 (b) the matter being audited;
 (c) the kind of assurance engagement to be carried out;
 (d) the name and address of the audited body;
 (e) the provisions of the NGER legislation, the CFI legislation or associated provisions that relate to the matter being audited;
 (f) the period of time in respect of which the matter to be audited is to be audited;
 (g) the period within which the assurance engagement is to be carried out;
 (h) the responsibilities of the audited body in relation to the assurance engagement (for example, providing access to the body's records for the purposes of the assurance engagement);
 (i) the names and contact details of the professional members of the audit team and the audit team leader;
 (j) an indication of the expertise of the professional members of the audit team and the role the professional members have in the assurance engagement;
 (k) a statement as to who will receive a copy of the assurance engagement report.

3.4  Assurance engagement terms to be agreed
 (1) The audit team leader must ensure that the assurance engagement terms are agreed to in writing by:
 (a) the Regulator,