Document ID: chunk:federal_register_of_legislation:F2021C01259:reg:11:p11
Version: federal_register_of_legislation:F2021C01259
Segment Type: reg
Provision Reference: reg 11 (pt 11/16)
Character Range: 38048–41441

whole, the engagement partner may take into consideration such matters as the team's:

           * Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

           * Understanding of Australian Auditing Standards, relevant ethical requirements, and applicable legal and regulatory requirements.

           * Technical expertise, including expertise with relevant information technology and specialised areas of accounting or auditing.

           * Knowledge of relevant industries in which the client operates.

           * Ability to apply professional judgement.

           * Understanding of the firm's quality control policies and procedures.

Considerations Specific to Public Sector Entities

A13.         In the public sector, additional appropriate competence may include skills that are necessary to discharge the terms of the audit mandate in a particular jurisdiction.  Such competence may include an understanding of the applicable reporting arrangements, including reporting to the legislature or other governing body or in the public interest.  The wider scope of a public sector audit may include, for example, some aspects of performance auditing or a comprehensive assessment of compliance with law, regulation or other authority and preventing and detecting fraud and corruption.

Engagement Performance

Direction, Supervision and Performance (Ref: Para. 15(a))

A14.         Direction of the engagement team involves informing the members of the engagement team of matters such as:

           * Their responsibilities, including the need to comply with relevant ethical requirements, and to plan and perform an audit with professional scepticism as required by ASA 200.[8]

           * Responsibilities of respective partners where more than one partner is involved in the conduct of an audit engagement.

           * The objectives of the work to be performed.

           * The nature of the entity's business.

           * Risk‑related issues.

           * Problems that may arise.

           * The detailed approach to the performance of the engagement.

    Discussion among members of the engagement team allows less experienced team members to raise questions with more experienced team members so that appropriate communication can occur within the engagement team.

A15.         Appropriate teamwork and training assist less experienced members of the engagement team to clearly understand the objectives of the assigned work.

A16.         Supervision includes matters such as:

           * Tracking the progress of the audit engagement.

           * Considering the competence and capabilities of individual members of the engagement team, including whether they have sufficient time to carry out their work, whether they understand their instructions, and whether the work is being carried out in accordance with the planned approach to the audit engagement.

           * Addressing significant matters arising during the audit engagement, considering their significance and modifying the planned approach appropriately.

           * Identifying matters for consultation or consideration by more experienced engagement team members during the audit engagement.

Reviews

Review Responsibilities (Ref: Para. 16)

A17.         Under ASQC 1, the firm's