Document ID: chunk:federal_register_of_legislation:F2025L00106:body:0:p5
Version: federal_register_of_legislation:F2025L00106
Segment Type: other
Provision Reference: 
Character Range: 13286–16610

Auditing Standard.

     2.              All AUASB Standards contain an "Authority Statement".  The purposes of the Authority Statement are to:

             1.                 link the issuance of each individual AUASB Standard to the mandating legislation;

             1.                 identify the paragraphs that comprise the AUASB Standard; and

             2.                 set out the requirement to read the AUASB Standard in conjunction with this Auditing Standard.

Standards issued by the AUASB (Ref: Para. 5-8)

     1.              The AUASB issues the following types of standards pursuant to its mandate under section 227B of the ASIC Act:

          1.                 Australian Standards on Quality Management (ASQMs)

         ASQMs[10] apply to firms in respect of all engagements to which AUASB Standards apply.

         The authority of ASQMs is set out in the introduction to each ASQM.

          1.                 Australian Auditing Standards (ASAs)

         ASAs, whilst developed in the context of financial report audits, are to be applied also, as appropriate, to audits of other historical financial information.

         The authority of the suite of ASAs is set out in ASA 200[11].  ASA 200 deals with the auditor's overall responsibilities when conducting an audit of a financial report in accordance with ASAs.  Specifically, it sets out the overall objectives of the auditor, and explains the nature and scope of an audit designed to enable the auditor to meet those objectives.  It also explains the scope, authority and structure of the ASAs, and includes requirements establishing the general responsibilities of the auditor applicable in all audits, including the obligation to comply with the ASAs.

         The ASAs, taken together, provide the standards for the auditor's work in fulfilling the overall objectives of the auditor. The ASAs deal with the general responsibilities of the auditor, as well as the auditor's further considerations relevant to the application of those responsibilities to specific topics.

          1.                 Standards on Review Engagements (ASREs)

         ASREs[12] are to be applied to the review of a financial report and the review of other historical financial information.

         The authority of ASREs is set out in the introduction to each ASRE.[13]

          1.                 Standards on Sustainability Assurance (ASSAs)

         ASSAs are to be applied to assurance engagements dealing with sustainability information.

         ASSA 5000 includes requirements regarding the conduct of a sustainability assurance engagement. ASSA 5010 specifies the information in a sustainability report under the Act that is required to be audited and/or reviewed in accordance with ASSA 5000 for each relevant year.

          1.                 Standards on Assurance Engagements (ASAEs)

         ASAEs are to be applied to assurance engagements dealing with subject matters other than historical financial information.[14]

         ASAE 3000[15] explains the scope, authority and structure of the ASAEs, and includes requirements regarding the conduct of an assurance engagement in accordance with ASAEs.[16]

         Where a subject-matter specific ASAE is relevant to the subject matter of a particular engagement, that