Document ID: chunk:federal_register_of_legislation:F2025L00106:body:0:p6
Version: federal_register_of_legislation:F2025L00106
Segment Type: other
Provision Reference: 
Character Range: 16325–19484

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 ASAE applies in addition to ASAE 3000. The introduction to each subject-matter specific ASAE sets out the relationship of the ASAE with ASAE 3000.

          1.                  Standards on Related Services (ASRSs)

         ASRSs are to be applied when an assurance practitioner is engaged to undertake engagements other than assurance engagements covered by ASAs, ASREs or ASAEs.[17]

         The authority of ASRSs is set out in the introduction to each ASRS.[18]

     1.              The scope, operative date and any specific limitation of the applicability of a specific AUASB Standard, is made clear in each standard.

Auditing Standards made under Section 336 of the Corporations Act

     1.              Auditing Standards made under section 336 of the Corporations Act apply to:

          1.                 an audit of a financial report for a financial year, or an audit or review[19] of a financial report for a half-year, prepared in accordance with Part 2M.3 of the Act;

          2.                 an audit conducted under Part 7.8 of the Act;

          3.                 an audit of a financial report, or a complete set of financial statements, prepared for any other purpose;

          4.                 a review, by the independent auditor of the entity, of a financial report, or a complete set of financial statements, comprising historical financial information, for any other purpose;

          5.                 an audit or review of information in a sustainability report for a financial year, prepared in accordance with Part 2M.3 of the Act;

          6.                  an audit or review of sustainability information for other purposes; and

          7.                 a firm required to comply with ASQM 1.

     1.              Although Auditing Standards and Sustainability Assurance Standards are written mainly in the context of an external audit of a financial report[20] or an external audit/review of information in a sustainability report, they apply, as appropriate, to assurance over other historical financial information or sustainability information.

Compliance and Enforcement

     1.              AUASB Standards are not legally binding in all contexts.  However:

           * Standards made and issued under section 336 of the Act for the purposes of the corporations legislation have the status of law.[21]  Where engagements covered by these standards are undertaken for the purposes of complying with the Act, full compliance is required as a matter of law (except for the firm level quality management standards). [22]

           * Auditing and assurance standards may also be issued or used for other purposes.  Where auditing and assurance standards are used for purposes other than complying with the Act, compliance with those standards may not be required as a matter of law.  However, there are