Document ID: chunk:federal_register_of_legislation:F2023C01119:body:0:p10
Version: federal_register_of_legislation:F2023C01119
Segment Type: other
Provision Reference: 
Character Range: 27502–30759

and performing the audit engagement in accordance with the ASAs and complying with the requirements of this ASA. (Ref: Para. A53–A56)

24.               If the engagement team becomes aware of information that may have caused the firm to decline the audit engagement had that information been known by the firm prior to accepting or continuing the client relationship or specific engagement, the engagement partner shall communicate that information promptly to the firm, so that the firm and the engagement partner can take the necessary action. (Ref: Para. A57)

Engagement Resources

25.               The engagement partner shall determine that sufficient and appropriate resources to perform the engagement are assigned or made available to the engagement team in a timely manner, taking into account the nature and circumstances of the audit engagement, the firm's policies or procedures, and any changes that may arise during the engagement. (Ref: Para. A59–A70, A73–A74, A79)

26.               [Deleted by the AUASB. Refer Aus 26.1]

         Aus 26.1 The engagement partner shall determine that members of the engagement team, and any auditor's external experts who are not part of the engagement team, collectively have the appropriate competence and capabilities, including sufficient time, to perform the audit engagement. (Ref: Para. A62, A71–A74)

27.               If, as a result of complying with the requirements in paragraphs 25 and 26, the engagement partner determines that resources assigned or made available are insufficient or inappropriate in the circumstances of the audit engagement, the engagement partner shall take appropriate action, including communicating with appropriate individuals about the need to assign or make available additional or alternative resources to the engagement. (Ref: Para. A75‒A78)

28.               The engagement partner shall take responsibility for using the resources assigned or made available to the engagement team appropriately, given the nature and circumstances of the audit engagement. (Ref: Para. A63–A69)

Engagement Performance

Direction, Supervision and Review

29.               The engagement partner shall take responsibility for the direction and supervision of the members of the engagement team and the review of their work. (Ref: Para. A80)

30.               The engagement partner shall determine that the nature, timing and extent of direction, supervision and review is: (Ref: Para. A81–A89, A94–A97)

(a)                Planned[7] and performed in accordance with the firm's policies or procedures, Australian Auditing Standards and applicable legal and regulatory requirements; and

(b)                Responsive to the nature and circumstances of the audit engagement and the resources assigned or made available to the engagement team by the firm.

31.               The engagement partner shall review audit documentation at appropriate points in time during the audit engagement, including audit documentation relating to: (Ref: Para. A90–A93)

(a)                Significant matters;[8]

(b)                Significant judgements, including those relating to difficult or contentious matters identified during the audit engagement, and the conclusions reached; and