Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p22
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 54345–57224

for the purposes of the verification engagement);
 (i) the names and contact details of the professional members of the audit team and the audit team leader;
 (j) an indication of the expertise of the professional members of the audit team and the role the professional members have in the verification engagement;
 (k) the details of the verification engagement procedures that will be performed in carrying out the verification engagement;
 (l) a statement as to who will receive a copy of the verification engagement report.

4.3  Verification engagement terms to be agreed
 (1) The audit team leader must ensure that the verification engagement terms are agreed to by:
 (a) if the Regulator appoints the audit team leader to carry out the verification engagement—the Regulator; or
 (b) if the audited body appoints the audit team leader to carry out the verification engagement—the audited body.
 (2) The terms must:
 (a) state if the terms have been agreed to by the audit team leader and the person who appointed the audit team leader to carry out the verification engagement; and
 (b) be signed by the audit team leader and the person who appointed the audit team leader.
 (3) If the terms are not so agreed and signed, the audit team leader must not carry out the verification engagement and must inform the Regulator in writing accordingly.
 (4) If the terms are amended during the carrying out of the verification engagement, the amendment must:
 (a) state the amendment and indicate if the amendment has been agreed to by the audit team leader and the person who appointed the audit team leader to carry out the verification engagement; and
 (b) be signed by the audit team leader and the person who appointed the audit team leader.

Division 4.3—Requirements relating to planning and performing verification engagement

4.4  Planning verification engagement
 (1) After agreeing to the verification engagement terms, the audit team leader must prepare, in writing, a verification engagement plan for the engagement to ensure that the engagement is carried out efficiently and effectively.
 (2) The plan must include the verification engagement terms for the verification engagement.

4.5  Ongoing nature of plan
 (1) In carrying out the verification engagement, the audit team leader must continually review the verification engagement plan and, if the verification engagement procedures deviate from what was originally planned, amend the plan accordingly to reflect the deviation.
 (2) If the changes affect the terms of the engagement, the changes and the amended terms must be mentioned in the verification engagement report.

4.6  Performing verification engagement
  In performing the verification engagement, the audit team leader must carry out the procedures agreed upon in the verification engagement terms and use the evidence gathered from performing those