Document ID: chunk:federal_register_of_legislation:F2020C00630:reg:25:p28
Version: federal_register_of_legislation:F2020C00630
Segment Type: reg
Provision Reference: reg 25 (pt 28/31)
Character Range: 88967–92283

relate; or

(b) An earlier date determined by the Australian Securities and Investments Commission for the audit working papers.

Aus A61.2 Relevant law or regulation, other than the Corporations Act 2001, may require the retention of audit working papers for specified periods.

A62.         Procedures that the firm adopts for retention of engagement documentation include those that enable the requirements of paragraph 47 to be met during the retention period, for example to:

           * Enable the retrieval of, and access to, the engagement documentation during the retention period, particularly in the case of electronic documentation since the underlying technology may be upgraded or changed over time;

           * Provide, where necessary, a record of changes made to engagement documentation after the engagement files have been completed; and

           * Enable authorised external parties to access and review specific engagement documentation for quality control or other purposes.

Ownership of engagement documentation

A63.         [Deleted by the AUASB.  Refer Aus A63.1]

Aus A63.1 Unless otherwise specified by law or regulation, engagement documentation remains the property of the firm.  The firm may, at its discretion, make portions of, or extracts from, engagement documentation available to clients, provided such disclosure does not undermine the validity of the work performed or the independence of the firm or its personnel.

Monitoring

Monitoring the Firm's Quality Control Policies and Procedures (Ref: Para. 48)

A64.         The purpose of monitoring compliance with quality control policies and procedures is to provide an evaluation of:

           * Adherence to AUASB Standards, relevant ethical requirements, and applicable legal and regulatory requirements;

           * Whether the system of quality control has been appropriately designed and effectively implemented; and

           * Whether the firm's quality control policies and procedures have been appropriately applied, so that reports that are issued by the firm or engagement partners are appropriate in the circumstances.

A65.         Ongoing consideration and evaluation of the system of quality control include matters such as the following:

           * Analysis of:

                   + New developments in AUASB Standards, relevant ethical requirements, and applicable legal and regulatory requirements, and how they are reflected in the firm's policies and procedures where appropriate;

                   + Written confirmation of compliance with policies and procedures on independence;

                   + Continuing professional development, including training; and

                   + Decisions related to acceptance and continuance of client relationships and specific engagements.

           * Determination of corrective actions to be taken and improvements to be made in the system, including the provision of feedback into the firm's policies and procedures relating to education and training.

           * Communication to appropriate firm personnel of weaknesses identified in the system, in the level of understanding of the system, or compliance with it.

           * Follow‑up by appropriate firm personnel so that necessary modifications are promptly made to the quality