Document ID: chunk:federal_register_of_legislation:F2023C01116:body:0:p3
Version: federal_register_of_legislation:F2023C01116
Segment Type: other
Provision Reference: 
Character Range: 6662–9709

the responsibility of the firm to ensure compliance with all relevant legal, regulatory or professional obligations.
Aus 13.1   Replaces ISQM 2 paragraph 13(c) definition of 'Relevant ethical requirements'. Relevant ethical requirements are defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISQM 2 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.  There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISQM 2.

Auditing Standard ASQM 2

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASQM 2 Engagement Quality Reviews pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 10 March 2021.

This compiled version of ASQM 2 incorporates subsequent amendments contained in another Auditing Standard made by the AUASB up to and including 27 April 2022 (see Compilation Details).

Auditing Standard ASQM 2

Engagement Quality Reviews

Application

Aus 0.1 This Auditing Standard applies to a firm that performs:

(a) an audit of a financial report for a financial year, or an audit or review of a financial report for a half-year, in accordance with the Corporations Act 2001;

(b) an audit or review of a financial report, or a complete set of financial statements, for any other purpose;

(c) an audit or review of other historical financial information;

(d) an audit or review other than of historical financial information;

(e) other assurance engagements; and

(f) related services engagements.

Operative Date

Aus 0.2 This ASQM is effective for:

(a) Audits and reviews of a financial report for periods beginning on or after 15 December 2022; and

(b) Other assurance and related services engagements beginning on or after 15 December 2022. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Australian Standard on Quality Management (ASQM) deals with:

(a)                The appointment and eligibility of the engagement quality reviewer; and

(b)                The engagement quality reviewer's responsibilities relating to the performance and documentation of an engagement quality review.

2.                   [Deleted by the AUASB. Refer to Aus 2.1 and Aus 2.2]

Aus 2.1 This ASQM applies to all engagements for which an engagement quality review is required to be performed in accordance with ASQM 1.[1] This ASQM is premised on the basis that the firm is subject to ASQM 1 or to national requirements that are at least as demanding.  This