Document ID: chunk:federal_register_of_legislation:F2020C00630:reg:25:p6
Version: federal_register_of_legislation:F2020C00630
Segment Type: reg
Provision Reference: reg 25 (pt 6/31)
Character Range: 23109–26354

(g)                [Deleted by the AUASB.  Refer Aus 12.7]

Aus 12.7 Firm means a sole practitioner, partnership or corporation or other entity of assurance practitioners.  Firm should be read as referring to a public sector equivalent where relevant.

(h)                Inspection means, in relation to completed engagements, procedures designed to provide evidence of compliance by engagement teams with the firm's quality control policies and procedures.

Aus 12.8 Limited assurance engagement means an assurance engagement where the assurance practitioner's objective is a reduction in assurance engagement risk to a level that is acceptable in the circumstances of the assurance engagement, but where that risk is greater than that for a reasonable assurance engagement, as the basis for a negative form of expression of the assurance practitioner's conclusion.  A limited assurance engagement is commonly referred to as a review.

(i)                 Listed entity means an entity whose shares, stock or debt are quoted or listed on a recognised stock exchange, or are marketed under the regulations of a recognised stock exchange or other equivalent body.

(j)                 Monitoring means a process comprising an ongoing consideration and evaluation of the firm's system of quality control, including a periodic inspection of a selection of completed engagements, designed to provide the firm with reasonable assurance that its system of quality control is operating effectively.

(k)                Network firm means a firm or entity that belongs to a network.

(l)                 Network means a larger structure:

(i)                 That is aimed at cooperation, and

(ii)               That is clearly aimed at profit or cost‑sharing or shares common ownership, control or management, common quality control policies and procedures, common business strategy, the use of a common brand name, or a significant part of professional resources.

Aus 12.9 Other financial information means historical financial information and information other than historical financial information (for example, prospective financial information).

(m)             [Deleted by the AUASB.  Refer Aus 12.10]

Aus 12.10 Partner means any individual with authority to bind the firm with respect to the performance of an audit, review, other assurance engagement or related services engagement.  Partner should be read as referring to a public sector equivalent where relevant.

(n)                Personnel means partners and staff.

(o)                [Deleted by the AUASB.  Refer Aus 12.11]

Aus 12.11 AUASB Standards means standards issued by the AUASB, comprising:

(a) Australian Auditing Standards, which means the suite of auditing standards issued by the AUASB, comprising:

                    * Auditing Standards made under section 336 of the Corporations Act 2001;

                    * ASA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and

                    * ASA 810 Engagements to Report on Summary Financial Statements.

(b) Standards on Review Engagements;

(c) Standards on Assurance Engagements; and

(d) Standards on Related Services.

(p)