Document ID: chunk:federal_register_of_legislation:F2023C01118:body:0:p4
Version: federal_register_of_legislation:F2023C01118
Segment Type: other
Provision Reference: 
Character Range: 11114–14128

paragraph 16(t) definition of 'Relevant ethical requirements'. Relevant ethical requirements are defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.

The following application and other explanatory material is additional to or amended from  ISQM 1:
Paragraph  Summary of Change
Aus A9.1   Replaces ISQM 1 paragraph A9 Glossary of terms to remove reference to the IAASB Handbook.
Aus A96.1  Replaces ISQM 1 paragraph A96 to remove the reference to direct assistance of internal audit which is prohibited in Australia, consistent with ASA 610 Using the Work of Internal Auditors.

This Auditing Standard incorporates terminology and definitions used in Australia.

Compliance with this Auditing Standard enables compliance with ISQM 1.

Auditing Standard ASQM 1

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 10 March 2021.

This compiled version of ASQM 1 incorporates subsequent amendments contained in another Auditing Standard made by the AUASB up to and including 27 April 2022 (see Compilation Details).

Auditing Standard ASQM 1

Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements

Application

Aus 0.1 This Auditing Standard applies to a firm that performs:

(a) an audit of a financial report for a financial year, or an audit or review of a financial report for a half-year, in accordance with the Corporations Act 2001;

(b) an audit or review of a financial report, or a complete set of financial statements, for any other purpose;

(c) an audit or review of other historical financial information;

(d) an audit or review other than of historical financial information;

(e) other assurance engagements; and

(f) related services engagements.

Operative Date

Aus 0.2 Systems of quality management in compliance with this ASQM are required to be designed and implemented by 15 December 2022, and the evaluation of the system of quality management required by paragraphs 53–54 of this ASQM is required to be performed within one year following 15 December 2022.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Australian Standard on Quality Management (ASQM) deals with a firm's responsibilities to design, implement and operate a system of quality management for audits or reviews of financial reports and other financial information, or other assurance or related services engagements.

      2. Engagement quality reviews form part of the firm's