Document ID: chunk:federal_register_of_legislation:F2022C01191:reg:8:p2
Version: federal_register_of_legislation:F2022C01191
Segment Type: reg
Provision Reference: reg 8 (pt 2/17)
Character Range: 10162–13214

is operative for financial reporting periods commencing on or after 1 January 2010.  [Note:  For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with the auditor's responsibilities relating to the work of an individual or organisation in a field of expertise other than accounting or auditing, when that work is used to assist the auditor in obtaining sufficient appropriate audit evidence.

      2. This Auditing Standard does not deal with:

(a)                Situations where the engagement team includes a member, or consults an individual or organisation, with expertise in a specialised area of accounting or auditing, which are dealt with in ASA 220;[1] or

(b)                The auditor's use of the work of an individual or organisation possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist the entity in preparing the financial report (a management's expert), which is dealt with in ASA 500.[2]

The Auditor's Responsibility for the Audit Opinion

3.                   The auditor has sole responsibility for the audit opinion expressed, and that responsibility is not reduced by the auditor's use of the work of an auditor's expert.  Nonetheless, if the auditor using the work of an auditor's expert, having followed this Auditing Standard, concludes that the work of that expert is adequate for the auditor's purposes, the auditor may accept that expert's findings or conclusions in the expert's field as appropriate audit evidence.

Effective Date

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

Objectives

5.                   The objectives of the auditor are:

(a)                To determine whether to use the work of an auditor's expert; and

(b)                If using the work of an auditor's expert, to determine whether that work is adequate for the auditor's purposes.

Definitions

6.                   For purposes of the Australian Auditing Standards, the following terms have the meanings attributed below:

(a)                 Auditor's expert means an individual or organisation possessing expertise in a field other than accounting or auditing, whose work in that field is used by the auditor to assist the auditor in obtaining sufficient appropriate audit evidence.  An auditor's expert may be either an auditor's internal expert (who is a partner[3] or staff, including temporary staff, of the auditor's firm or a network firm), or an auditor's external expert. (Ref: Para. A1-A3)

             Aus 6.1 "Partner" and "firm" should be read as referring to their public sector equivalents where relevant.

(b)                Expertise means skills, knowledge and experience in a particular field.

(c)                Management's expert means an individual or organisation possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist