Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_336
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 336
Character Range: 47465–48651

336  Auditing standards

AUASB's power to make auditing standards

 (1) The AUASB may make auditing standards for the purposes of this Act. The standards must be in writing and must not be inconsistent with this Act or the regulations.

 (2) A standard made under subsection (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Note: Section 5C provides that the Acts Interpretation Act 1901 (as in force on 1 November 2000) applies to this Act.

 (3) An auditing standard applies to financial reports in relation to:
 (a) periods ending after the commencement of the standard; or
 (b) periods ending, or starting, on or after a later date specified in the standard.

 (4) If:
 (a) the AUASB makes an auditing standard; and
 (b) the standard applies to financial reports in relation to particular periods under subsection (3); and
 (c) an auditor is conducting an audit of a financial report in relation to a period that occurs before the start of the earliest of those periods;
the auditor may elect to apply the auditing standard to that audit unless the standard says otherwise. The election must be recorded in the audit report.