Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p3
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 5689–8603

the safeguard rules may provide that an application for a baseline determination is to be accompanied by a prescribed audit report. Such audits are called safeguard audits.
 (4) This Determination provides for the requirements to be met by audit team leaders in preparing for and carrying out greenhouse and energy audits, safeguard audits and ERF audits (collectively called Part 6 audits) and in preparing an assurance engagement report and a verification engagement report.
 (5) The requirements are prepared with reference to a number of existing standards, in particular those prepared by the Auditing and Assurance Standards Board, the Accounting Professional and Ethical Standards Board and the International Organization for Standardization.
 (6) The requirements recognise that audit team leaders are professionals who have met the requirements for registration as registered greenhouse and energy auditors set out in Part 6 of the Regulations.
 (7) The requirements vary according to the type of audit being carried out.
 (8) There are 2 types of audit. An assurance engagement and a verification engagement.
 (9) In an assurance engagement, the audit team leader provides an independent opinion about the matter being audited and uses professional judgment in preparing for and carrying out the audit and preparing the assurance engagement report.
 (10) In a verification engagement, the audit team leader carries out specified procedures for the purposes of verifying the matter being audited but does not provide an opinion.
 (10A) An audit of a person's compliance with 1 or more aspects of the CFI legislation or associated provisions may be either an assurance engagement or a verification engagement. An audit of an eligible offsets project carried out for the purposes of preparing an audit report prescribed for the purposes of paragraph 13(1)(e), (ea), (eb), 76(4)(c), (ca) or (cb) of the CFI Act is a reasonable assurance engagement.
Note: No reports have been prescribed for paragraph 23(1)(d) of the CFI Act.
 (11) The requirements of this Determination are:
 (a) those that apply to all audit team leaders (see Part 2); and
 (b) those relating to the type of audit being carried out, for example an assurance engagement or a verification engagement (see Parts 3 and 4).
 (12) Apart from the requirements in this Determination, there are a number of requirements specified in Part 6 of the Regulations that must be met by registered greenhouse and energy auditors to maintain registration under that Part.

1.4  Definitions
  In this Determination:
Act means the National Greenhouse and Energy Reporting Act 2007.
associated provisions has the same meaning as in the CFI Act.
assurance engagement has the meaning given by subsection 1.5(3).
assurance engagement procedures, in relation to an assurance engagement, has the meaning given by subsection 3.9(3).
assurance engagement report means