Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p10
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 23615–26514

materiality of those misstatements.
 (6) At the end of the assurance engagement, the audit team leader must form a conclusion about the reliability, accuracy and completeness of the matter being audited and, in particular, if there are any misstatements in the matter that are material.
Note: See sections 3.17 to 3.19 for details about conclusions.

Subdivision 3.3.2—Planning assurance engagement

3.6  Preparing assurance engagement plan
 (1) After the assurance engagement terms are agreed, the audit team leader must prepare, in writing, an assurance engagement plan for the assurance engagement that complies with the requirements of this section.
 (2) In preparing the assurance engagement plan, the audit team leader must bring to the planning process professional scepticism of the matter being audited recognising that circumstances may exist that caused the matter being audited to contain a misstatement that is material.
 (3) In preparing the assurance engagement plan, the audit team leader must have regard to the purpose of the plan.
 (4) The purpose of the assurance engagement plan is to ensure that the audit is carried out efficiently and effectively and in compliance with the assurance engagement terms, the Regulations and this Determination.
 (5) The plan must set out the following:
 (a) the assurance engagement terms;
 (b) items or issues related to the matter to be audited that will require particular attention during the assurance engagement;
 (c) the projected timeframes for completion of the various aspects of the assurance engagement;
 (d) whether there are any aspects of the matter to be audited that may impact on the carrying out of the assurance engagement and a description of those aspects and their possible impact;
 (e) a summary of the assurance engagement procedures that will be performed in the carrying out of the assurance engagement;
 (f) the roles of each professional member of the audit team in relation to the various assurance engagement procedures;
 (g) the audit team leader's understanding of the matter to be audited;
 (h) the audit team leader's understanding of the following:
 (i) the operations, business objectives and business strategies of the audited body that are relevant to the matter to be audited;
 (ii) the audited body's systems and processes in relation to the matter to be audited;
 (iii) if the plan relates to a greenhouse and energy audit—the audited body's systems and processes for identifying the risks of misstatements that are material and relevant to its reporting requirements under the NGER legislation and the body's procedures to address those risks;
 (iiia) if the plan relates to an ERF audit—the audited body's systems and processes for identifying the risks of misstatements that are material and relevant to its reporting requirements under the CFI legislation and the body's procedures to address those