Document ID: chunk:federal_register_of_legislation:F2020C00630:reg:25:p22
Version: federal_register_of_legislation:F2020C00630
Segment Type: reg
Provision Reference: reg 25 (pt 22/31)
Character Range: 71388–74798

is often accomplished through written or electronic manuals, software tools or other forms of standardised documentation, and industry or subject matter‑specific guidance materials.  Matters addressed may include:

           * How engagement teams are briefed on the engagement to obtain an understanding of the objectives of their work.

           * Processes for complying with applicable engagement standards.

           * Processes of engagement supervision, staff training and coaching.

           * Methods of reviewing the work performed, the significant judgements made and the form of report being issued.

           * Appropriate documentation of the work performed and of the timing and extent of the review.

           * Processes to keep all policies and procedures current.

A33.         Appropriate teamwork and training assist less experienced members of the engagement team to clearly understand the objectives of the assigned work.

Supervision (Ref: Para. 32(b))

A34.         Engagement supervision includes the following:

           * Tracking the progress of the engagement;

           * Considering the competence and capabilities of individual members of the engagement team, 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 engagement;

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

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

Review (Ref: Para. 32(c))

A35.         A review consists of consideration of whether:

           * The work has been performed in accordance with AUASB Standards, relevant ethical requirements, and applicable legal and regulatory requirements;

           * Significant matters have been raised for further consideration;

           * Appropriate consultations have taken place and the resulting conclusions have been documented and implemented;

           * There is a need to revise the nature, timing and extent of work performed;

           * The work performed supports the conclusions reached and is appropriately documented;

           * The evidence obtained is sufficient and appropriate to support the report; and

           * The objectives of the engagement procedures have been achieved.

Consultation (Ref: Para. 34‑Aus 34.1)

A36.         Consultation includes discussion at the appropriate professional level, with individuals within or outside the firm who have specialised expertise.

A37.         Consultation uses appropriate research resources as well as the collective experience and technical expertise of the firm.  Consultation helps promote quality and improves the application of professional judgement.  Appropriate recognition of consultation in the firm's policies and procedures helps promote a culture in which consultation is recognised as a strength and encourages personnel to consult on difficult or contentious matters.

A38.         Effective consultation on significant technical, ethical and other matters within the firm, or where applicable, outside the firm can be achieved when those consulted:

           * are given all the relevant facts that will