Document ID: chunk:federal_register_of_legislation:F2020C00630:reg:25:p2
Version: federal_register_of_legislation:F2020C00630
Segment Type: reg
Provision Reference: reg 25 (pt 2/31)
Character Range: 11871–14887

for, or considered or used by, the auditor in accordance with the requirements of the Australian Auditing Standards until:

         (a) The end of seven years after the date of the audit report prepared in relation to the audit or review to which the audit working papers relate; or

         (b) An earlier date determined by the Australian Securities and Investments Commission for the audit working papers. (Ref: Para. Aus A61.1)

      * Relevant law or regulation, other than the Corporations Act 2001, may require the retention of audit working papers for specified periods.  (Ref: Para. Aus A61.2)

      * Unless otherwise specified by law or regulation, engagement documentation remains the property of the firm.  The firm may, at its discretion, make portions of, or extracts from, engagement documentation available to clients, provided such disclosure does not undermine the validity of the work performed or the independence of the firm or its personnel. (Ref: Para. Aus A63.1)

      * In the public sector, an auditor appointed under statute (for example, an Auditor‑General) may delegate responsibility for an engagement.  The monitoring process needs to include, on a cyclical basis, inspection of at least one completed engagement of each person with delegated responsibility for an engagement and its performance.  This includes an external person engaged as the person responsible for an engagement.  (Ref: Para. Aus A68.1)

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISQC 1 in respect of "relevant ethical requirements", have been included in another Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.  There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISQC 1.

Auditing Standard ASQC 1

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASQC 1 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 30 June 2020 (see Compilation Details).

Auditing Standard ASQC 1

Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other Assurance Engagements and Related Services Engagements

Application

Aus 0.1 This Auditing Standard 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