Document ID: chunk:federal_register_of_legislation:F2023C01118:body:0:p9
Version: federal_register_of_legislation:F2023C01118
Segment Type: other
Provision Reference: 
Character Range: 25416–28780

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 to a system of quality management) – Information about the design, implementation and operation of the system of quality management that has been accumulated from the performance of monitoring activities, external inspections and other relevant sources, which indicates that one or more deficiencies may exist. (Ref: Para. A15–A17)

(i)                 Firm – A sole practitioner, partnership or corporation or other entity of assurance practitioners, or public sector equivalent. (Ref: Para. A18)

(j)                 Listed entity – An entity whose shares, stock or debt are quoted or listed on a recognised stock exchange, or are marketed under the regulations of a recognised stock exchange or other equivalent body.

(k)                Network firm – A firm or entity that belongs to the firm's network.

(l)                 Network – A larger structure: (Ref: Para. A19)

(i)                 That is aimed at cooperation; and

(ii)               That is clearly aimed at profit or cost-sharing or shares common ownership, control or management, common quality management policies or procedures, common business strategy, the use of a common brand name, or a significant part of professional resources.

Aus 16.5 Other financial information means historical financial information and information other than historical financial information (for example, prospective financial information).

(m)             [Deleted by the AUASB. Refer Aus 16.6]

Aus 16.6 Partner means any individual with authority to bind the firm with respect to the performance of an audit, review, other assurance engagement or related services engagement.

(n)                Personnel – Partners and staff in the firm. (Ref: Para. A20–A21)

(o)                Professional judgement – The application of relevant training, knowledge and experience, within the context of AUASB standards, in making informed decisions about the courses of action that are appropriate in the design, implementation and operation of the firm's system of quality management.

(p)                [Deleted by the AUASB. Refer Aus 16.7]

Aus 16.7 AUASB Standards means standards issued by the AUASB, comprising:

             (a)                Australian Auditing Standards, which means the suite of auditing standards issued by the AUASB, comprising:

                   * Auditing Standards made under section 336 of the Corporations Act 2001;

                   * ASA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and

                   * ASA 810 Engagements to Report on Summary Financial Statements.

             (b)                Standards on Review Engagements;

             (c)                Standards on Assurance Engagements; and

             (d)                Standards on Related Services.

(q)                Quality objectives – The desired outcomes in relation to the components of the system of quality management to be achieved by the firm.

(r)                 Quality risk – A risk that