Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p21
Version: federal_register_of_legislation:F2017C00509
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legislation or associated provisions;
 (d) the name of the peer reviewer for the assurance engagement and details of the outcome of the evaluation undertaken by the peer reviewer in accordance with paragraph 3.7(2)(e);
 (e) any other matter, related to the matter audited, that the audit team leader believes should be mentioned in the assurance engagement report.
 (2) Upon completion, the audit team leader must sign and date Part B.

Part 4—Verification engagements

Division 4.1—Overview of Part

4.1  Overview of Part
 (1) The following is an overview of this Part.
 (2) This Part provides for the requirements relating to verification engagements.
 (3) There are 3 steps in carrying out a verification engagement:
 (a) preparing for the engagement (see Division 4.2);
 (b) planning and performing the engagement (see Division 4.3);
 (c) reporting on the engagement (see Division 4.4).
 (4) In a verification engagement, the audit team leader is verifying the matter being audited. The audit team leader will perform procedures agreed to
in the verification engagement terms in carrying out the verification engagement.
 (5) The audit team leader prepares for the verification engagement by preparing the verification engagement terms.
 (6) A verification engagement needs to be planned so that it is carried out efficiently, effectively and in compliance with the verification engagement terms mentioned in section 4.2, the Regulations and this Determination.
 (7) At the end of the verification engagement, the audit team leader must:
 (a) verify the matter being audited, if appropriate; and
 (b) provide a report about the procedures performed during the verification engagement and the factual findings arising from the performance of the procedures.

Division 4.2—Requirements relating to preparing for verification engagement

4.2  Verification engagement terms
 (1) Before agreeing to carry out a verification engagement, the audit team leader must prepare the terms of the verification engagement.
 (2) The terms must include the following:
 (a) the objective of the verification engagement;
 (b) the matter being audited;
 (c) the type of Part 6 audit to be carried out;
 (d) the name and address of the audited body;
 (e) the provisions of the NGER legislation or the CFI legislation or associated provisions that relate to the matter being audited;
 (f) the period of time in respect of which the matter to be audited is to be audited;
 (g) the period within which the verification engagement is to be carried out;
 (h) the responsibilities of the audited body in relation to the verification engagement (for example, providing access to the body's records for the purposes of the verification engagement);
 (i) the names and contact details of the professional members of the audit team and the audit team leader;
 (j) an indication of the expertise of the professional members of the audit team