Document ID: chunk:federal_register_of_legislation:F2025L00106:body:0:p15
Version: federal_register_of_legislation:F2025L00106
Segment Type: other
Provision Reference: 
Character Range: 43243–46338

term 'assurance practitioner' is referred to in ASRS 4400 Agreed-Upon Procedures Engagements as 'practitioner'.
[10]  For legislative purposes, ASQM 1 and ASQM 2 are included in legislation as "Auditing Standards".
[11]  See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
[12]  For legislative purposes, ASRE 2410 and ASRE 2415 are included in legislation as "Auditing Standards".
[13]  For example, see ASRE 2400 Review of a financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity, paragraphs 9-12.
[14]  Examples of such subject matters include the efficiency and/or effectiveness of an entity's activities, prospective financial information and the effectiveness of internal controls. The AUASB's Framework for Assurance Engagements, which defines and describes the elements and objectives of an assurance engagement, provides the context for understanding ASAEs.
[15]  See ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
[16]  See ASAE 3000, "Introduction" (paragraphs 1-8) and "Conduct of an Assurance Engagement in Accordance with ASAEs" (paragraphs 14-20).
[17]  Examples of financial and non-financial subject matters on which Standards on Related Services may be applied include: Agreeing the eligibility of expenditures claimed from a funding program; Recalculating revenues for determining royalties, rent or franchise fees based on a percentage of revenues; Confirming the calculation of capital adequacy ratios for regulatory authorities; Observation of the destruction of fake or defective goods reported to a regulatory authority; and Tracing data generating processes for lottery draws reported to a regulatory authority.
[18]  For example, see ASRS 4400, paragraphs 7-10. Where this information is not included in the introduction of an ASRS, for example ASRS 4450 Comfort Letter Engagements, relevant terms are to be interpreted in a directly analogous way to how they are explained in the context of ASRS 4400.
[19]  For legislative purposes, ASRE 2410 and ASRE 2415 are included in legislation as "Auditing Standards".
[20]  Reference to a 'financial report' includes not only a financial report as defined under Part 2M.3 of the Act, but also a financial report prepared for other purposes. Financial reports required by Part 2M.3 of the Corporations Act are:
      * the annual financial report; and
      * the half-year financial report (for certain entities).
[21]  These standards are classified as disallowable legislative instruments under the Legislation Act 2003.  The AUASB has adopted certain drafting principles in making Auditing Standards under the Australian regulatory environment, wherein the Auditing Standards are legally enforceable and registered as legislative instruments under the Legislation Act 2003.
[22]  Section 307A of the Corporations Act requires auditors to conduct audits and reviews of financial reports prepared under Part 2M.3 of the Act in accordance with Auditing