Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p7
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 16029–18794

leader, the declaration must indicate if, in preparing for and carrying out the audit and in preparing the audit report, the audit team leader:
 (a) will comply with the Code of Conduct (within the meaning of regulation 1.03 of the Regulations); and
 (b) will be in a conflict of interest situation (within the meaning of regulation 6.49 of the Regulations); and
 (c) will comply with the requirements of Subdivisions 6.6.3 and 6.6.4 of the Regulations; and
 (d) will be in breach of the auditor rotation requirements in regulation 6.59 of the Regulations and, if so, whether an exemption has been granted under regulation 6.71of the Regulations for the breach.
 (4) For each professional member of the audit team, the declaration must indicate if, in assisting in preparing for and carrying out the audit and assisting in preparing the audit report, the professional member of the audit team:
 (a) will comply with subregulations 6.47(4), (6) and (7) and regulation 6.54 of the Regulations; and
 (b) will be in a conflict of interest situation (within the meaning of regulation 6.49 of the Regulations) and whether an exemption has been granted under regulation 6.71 of the Regulations for the conflict of interest.
 (5) If the audit team leader has been granted an exemption under regulation 6.71 of the Regulations, the declaration must include the details of that exemption.
 (6) If:
 (a) the audit team leader has been granted an exemption under regulation 6.71 of the Regulations for a conflict of interest situation; and
 (b) procedures for managing the conflict of interest were provided to the Regulator so that the Regulator is satisfied that the findings of the audit will not be affected by the conflict of interest;
the declaration must include details of those procedures.

2.5  Audit to be carried out in compliance with Regulations etc
  The audit team leader must ensure that the audit is carried out and reported on in compliance with:
 (a) the Regulations; and
 (b) the terms of the engagement for the audit; and
 (c) the auditing and assurance standards (as in force on 1 July 2017) formulated by the Auditing and Assurance Standards Board under paragraph 227B(1)(b) of the Australian Securities and Investments Commission Act 2001, including the Standard on Assurance Engagements ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
Note: Subsection 75(3) of the Act also requires the audit team leader to comply with the requirements of this Determination in carrying out a Part 6 audit.

2.6  Audit team leader to prepare documentation
 (1) The audit team leader must, in relation to the matter being audited, document the process used by the audit team leader to prepare for, carry out and report