Document ID: chunk:federal_register_of_legislation:F2025L00106:body:0:p3
Version: federal_register_of_legislation:F2025L00106
Segment Type: other
Provision Reference: 
Character Range: 6210–10180

AUASB Standards are to be understood, interpreted and applied.

 2.                    AUASB Standards are to be read and applied in conjunction with this Auditing Standard. (Ref: Para. A1-A2)

Standards issued by the AUASB (Ref: Para. A3-A25)

 1.                    The AUASB derives its functions and powers under section 227B of the Australian  Securities and Investments Commission Act 2001. The AUASB:

         1.                 makes Auditing Standards under section 336 of the Corporations Act 2001 (the Act) for the purposes of the corporations legislation;[2]  and

         2.                 formulates auditing and assurance standards for sustainability and other purposes.[3]

 2.                    'Auditing and assurance standards for sustainability and other purposes' consists of standards that are designed for subject-specific areas.  They include, for example, assurance engagements that relate to:

           * reviews (other than a review by the independent auditor of the entity, of interim financial information, including interim financial reports, prepared for other purposes);

           * sustainability information reported voluntarily or not subject to mandatory assurance under the Act;

           * evaluating the efficiency and/or effectiveness of an entity's activities;

           * information other than historical financial information;

           * prospective financial information; and

           * the effectiveness of internal controls.

 1.                    The AUASB issues the following types of standards (AUASB Standards) pursuant to its mandate under section 227B of the ASIC Act:

         1.                 Australian Standards on Quality Management (ASQMs);[4]

         2.                 Australian Auditing Standards (ASAs);[5]

         3.                 Australian Standards on Review Engagements (ASREs);[6]

         4.                 Australian Standards on Sustainability Assurance (ASSAs);

         5.                 Australian Standards on Assurance Engagements (ASAEs); and

         6.                  Australian Standards on Related Services (ASRSs).

 2.                    AUASB Standards do not address all the responsibilities of the assurance practitioner[7] that may exist in legislation, regulation or otherwise in connection with engagements that fall within the scope of AUASB Standards.

Objective

 1.                    The objective of the assurance practitioner is to use this Auditing Standard in order to understand, interpret and apply AUASB Standards.

Definitions

 1.                For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

         1.                 Assurance practitioner means an individual, firm[8], or other organisation, whether in public practice, industry and commerce, or the public sector, conducting assurance engagements or related services engagements[9].

         2.                 AUASB Standards means standards issued by the AUASB, comprising:

                 1.                  Australian Auditing Standards (ASAs) – as defined in paragraph 10(c);

                 2.                Australian Standards on Review Engagements (ASREs);

                 3.              Australian Standards on Assurance Engagements (ASAEs);

                 4.              Australian Standards on Sustainability Assurance (ASSAs).

                 5.                 Australian Standards on Related Services (ASRSs); and

                 6.              Australian Standards on Quality Management (ASQMs)

         3.                 Australian Auditing Standards (ASAs) means the suite of auditing standards issued by the AUASB, comprising:

                 1.                  Auditing Standards made under section 336 of the Act;

                 2.                ASA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial