Document ID: chunk:federal_register_of_legislation:F2023C01128:reg:17:p6
Version: federal_register_of_legislation:F2023C01128
Segment Type: reg
Provision Reference: reg 17 (pt 6/25)
Character Range: 22304–25442

any; and (Ref: Para. A23–A25)

(e)                Any other significant matters arising during the audit that, in the auditor's professional judgement, are relevant to the oversight of the financial reporting process.  (Ref: Para. A26–A28)

Auditor Independence

17.               In the case of listed entities, the auditor shall communicate with those charged with governance:

(a)                A statement that the engagement team and others in the firm as appropriate, the firm and, when applicable, network firms have complied with relevant ethical requirements regarding independence; and

(i)                 All relationships and other matters between the firm, network firms, and the entity that, in the auditor's professional judgement, may reasonably be thought to bear on independence.  This shall include total fees charged during the period covered by the financial report for audit and non‑audit services provided by the firm and network firms to the entity and components controlled by the entity.  These fees shall be allocated to categories that are appropriate to assist those charged with governance in assessing the effect of services on the independence of the auditor; and

(ii)               In respect of threats to independence that are not at an acceptable level, the actions taken to address the threats, including actions that were taken to eliminate the circumstances that create the threats, or applying safeguards to reduce the threats to an acceptable level.  (Ref: Para. A29–A32)

Aus 17.1 In the case of entities audited in accordance with the Corporations Act 2001, the auditor shall communicate with those charged with governance through a statement that the engagement team and others in the firm as appropriate, the firm, and, when applicable network firms, have complied with the independence requirements of section 307C of the Corporations Act 2001.

The Communication Process

Establishing the Communication Process

18.               The auditor shall communicate with those charged with those charged with governance the form, timing and expected general content of communications.  (Ref: Para. A37–A45)

Forms of Communication

19.               The auditor shall communicate in writing with those charged with governance regarding significant findings from the audit if, in the auditor's professional judgement, oral communication would not be adequate.  Written communications need not include all matters that arose during the course of the audit.  (Ref: Para. A46–A48)

20.               The auditor shall communicate in writing with those charged with governance regarding auditor independence when required by paragraph 17 of this Auditing Standard.

Timing of Communications

21.               The auditor shall communicate with those charged with governance on a timely basis.  (Ref: Para. A49–A50)

Adequacy of the Communication Process

22.               The auditor shall evaluate whether the two‑way communication between the auditor and those charged with governance has been adequate for the purpose of the audit.  If it has not, the auditor shall evaluate the effect, if any,