Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p6
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 13493–16260

the CFI Act. An ERF audit conducted 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.

1.6  Reasonable assurance engagements
  A reasonable assurance engagement means an assurance engagement in which the audit team leader gives an opinion, expressed as a reasonable assurance conclusion, if appropriate in the circumstances of the engagement.
Note: Section 3.17 sets out the conclusions that the audit team leader may give in a reasonable assurance engagement.

1.7  Limited assurance engagements
  A limited assurance engagement means an assurance engagement in which the audit team leader gives an opinion, expressed as a limited assurance conclusion, if appropriate in the circumstances of the engagement.
Note: Section 3.18 sets out the conclusions that the audit team leader may give in a limited assurance engagement.

Part 2—Requirements on all audit team leaders

2.1  Overview of Part
 (1) The following is an overview of this Part.
 (2) This Part provides for the requirements that apply to audit team leaders in preparing for and carrying out Part 6 audits.
 (3) The requirements relate to preparing for the audit, independence and conduct declarations under section 2.4, carrying out of the audit and preparation of certain documents by the audit team leader.

2.2  Preparing for audit
  In selecting audit team members to assist in carrying out the audit, the audit team leader must ensure that the members of the audit team have between them the knowledge, skills and availability required to satisfactorily prepare for and carry out the audit and prepare the audit report.

2.3  Personal involvement of audit team leader required
 (1) The audit team leader must be personally involved in preparing for and carrying out the audit and in the preparation of the audit report.
 (2) The audit team leader must supervise the work that each audit team member is undertaking in the carrying out of the audit.

2.4  Independence and conduct declaration
 (1) Before agreeing to the terms of engagement for the audit, the audit team leader must sign a declaration and give it to the person who appoints the audit team leader to carry out the audit.
 (2) The declaration is to be known as an independence and conduct declaration and must be given for each professional member of the audit team.
 (3) For the audit team leader, the declaration must indicate if, in preparing for and carrying out the audit and in preparing the audit report, the audit team leader:
 (a) will comply with the Code of Conduct (within the meaning of regulation 1.03 of the