Document ID: chunk:federal_register_of_legislation:F2025L00108:body:0:p4
Version: federal_register_of_legislation:F2025L00108
Segment Type: other
Provision Reference: 
Character Range: 9598–12628

Assurance Engagements (ASSA 5000); and

            (ii)  for engagements other than sustainability assurance engagements, 'relevant ethical requirements' as defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. (Ref: Para. A22-A24; A62)

 1.                Insert new paragraph Aus 16.9 after paragraph Aus 16.8 of ASQM 1 as follows:

The Code means:

 1.                 for sustainability assurance engagements, 'the Code' as defined in ASSA 5000; and

 2.                 for engagements other than sustainability assurance engagements, APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board.

As a result of the insertion, 'APESB Code' will be replaced with 'the Code' throughout ASQM 1.

 1.                Paragraph A1 of ASQM 1 is amended to read as follows and footnotes 7 and 8 are inserted:

Other pronouncements of the AUASB, including ASRE 24005 and ASAE 3000,6 also establish requirements for the engagement partner or engagement leader, as applicable, for the management of quality at the engagement level, including ASRE 24005 and ASAE 30006 for the engagement partner, and ASSA 5000[7] for the engagement leader.[8]for the management of quality at the engagement level.

 1.                As a result of the footnotes insertion above, subsequent footnotes of this ASQM 1 are re-numbered and references to these footnotes are updated accordingly.

 2.                Paragraph A2 of ASQM 1 is amended to read as follows and footnote 9 is deleted:

The APESB Code9 contains requirements and application material for members or practitioners that enable members and practitioners to meet their responsibility to act in the public interest. As indicated in paragraph 15, in the context of engagement performance as described in this ASQM, the consistent performance of quality engagements forms part of the member's or practitioner's responsibility to act in the public interest.

 1.                Paragraph A22 of ASQM 1 is amended to read as follows:

The relevant ethical requirements that are applicable in the context of a system of quality management may vary, depending on the nature and circumstances of the firm and its engagements. The term "member" may be defined in relevant ethical requirements. For example, the APESB Code defines the term "member" and further explains the scope of provisions in the APESB Code that apply to individual members in public practice or practitioners and their firms.

 1.                Paragraph A23 of ASQM 1 is amended to read as follows:

The APESB Code addresses circumstances when law or regulation precludes the member from complying with certain parts of the APESB Code. It further acknowledges that some jurisdictions might have provisions in law or regulation that differ from or go beyond those set out in the APESB Code and that members or practitioners in those jurisdictions need to be aware