Document ID: chunk:federal_register_of_legislation:F2020C00630:reg:25:p3
Version: federal_register_of_legislation:F2020C00630
Segment Type: reg
Provision Reference: reg 25 (pt 3/31)
Character Range: 14673–17679

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 control in compliance with this Auditing Standard are required to be established by 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. [Deleted by the AUASB.  Refer Aus 1.1]

         Aus 1.1 This Auditing Standard, ASQC 1 (the Standard), deals with the firm's responsibilities for its system of quality control for audits and reviews of financial reports and other financial information, other assurance engagements and related services engagements.  This Standard is to be read in conjunction with relevant ethical requirements.  Relevant ethical requirements are defined in ASA 102.[*]

2.                   Other pronouncements issued by Auditing and Assurance Standards Board (AUASB) set out additional standards and guidance on the responsibilities of firm personnel regarding quality control procedures for specific types of engagements.  ASA 220,[1] for example, deals with quality control procedures for an audit of a financial report and other historical financial information.

3.                   A system of quality control consists of policies designed to achieve the objective set out in paragraph 11 of this Standard and the procedures necessary to implement and monitor compliance with those policies.

Authority of this Auditing Standard

4.                   [Deleted by the AUASB.  Refer Aus 4.1]

Aus 4.1 This Standard applies to all firms of assurance practitioners in respect of audits and reviews of financial reports and other financial information, other assurance engagements and related services engagements.  The nature and extent of the policies and procedures developed by an individual firm to comply with this Standard will depend on various factors such as the size and operating characteristics of the firm, and whether it is part of a network.

Aus 4.2 The requirements of this Standard apply to a firm, not to the individual auditor(s) within the firm.

5.                   This Standard contains the objective of the firm in following this Standard, and requirements designed to enable the firm to meet that stated objective.  In addition, it contains related guidance in the form of application and other explanatory material, as discussed further in paragraph 8 of this Standard, and introductory material that provides context relevant to a proper understanding of