Document ID: chunk:federal_register_of_legislation:F2020C00630:reg:25:p4
Version: federal_register_of_legislation:F2020C00630
Segment Type: reg
Provision Reference: reg 25 (pt 4/31)
Character Range: 17410–20595

meet that stated objective.  In addition, it contains related guidance in the form of application and other explanatory material, as discussed further in paragraph 8 of this Standard, and introductory material that provides context relevant to a proper understanding of this Standard, and definitions.

6.                   The objective provides the context in which the requirements of this Standard are set, and is intended to assist the firm in:

           * Understanding what needs to be accomplished; and

           * Deciding whether more needs to be done to achieve the objective.

7.                   The requirements of this Standard are expressed using "shall."

8.                   Where necessary, the application and other explanatory material provides further explanation of the requirements and guidance for carrying them out.  In particular, it may:

           * Explain more precisely what a requirement means or is intended to cover; and

           * Include examples of policies and procedures that may be appropriate in the circumstances.

    While such guidance does not in itself impose a requirement, it is relevant to the proper application of the requirements.  The application and other explanatory material may also provide background information on matters addressed in this Standard.  Where appropriate, additional considerations specific to public sector audit organisations or smaller firms are included within the application and other explanatory material.  These additional considerations assist in the application of the requirements in this Standard.  They do not, however, limit or reduce the responsibility of the firm to apply and comply with the requirements in this Standard.

9.                   This Standard includes, under the heading "Definitions," a description of the meanings attributed to certain terms for purposes of this Standard.  These are provided to assist in the consistent application and interpretation of this Standard, and are not intended to override definitions that may be established for other purposes, whether in law, regulation or otherwise.  The AUASB Glossary relating to AUASB Standards, and issued by the AUASB includes the terms defined in this Standard.  It also includes descriptions of other terms found in this Standard to assist in common and consistent interpretation and translation.

Effective Date

10.               [Deleted by the AUASB.  Refer Aus 0.3]

Objective

11.               The objective of the firm is to establish and maintain a system of quality control to provide it with reasonable assurance that:

(a)                The firm and its personnel comply with AUASB Standards, relevant ethical requirements, and applicable legal and regulatory requirements; and

(b)                Reports issued by the firm or engagement partners are appropriate in the circumstances.

Definitions

12.               For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

Aus 12.1 Assurance engagement means an engagement in which an assurance practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users,