Document ID: chunk:federal_register_of_legislation:F2025L00106:body:0:p4
Version: federal_register_of_legislation:F2025L00106
Segment Type: other
Provision Reference: 
Character Range: 9850–13635

(ASAs) means the suite of auditing standards issued by the AUASB, comprising:

                 1.                  Auditing Standards made under section 336 of the Act;

                 2.                ASA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and

                 3.              ASA 810 Engagements to Report on Summary Financial Statements.

         4.                 In addition to the ASAs, AUASB Standards made under section 336 of the Act, include:

                 1.                  ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements;

                 2.                ASQM 2 Engagement Quality Reviews;

                 3.              ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity;

                 4.              ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation;

                 5.                 ASSA 5000 General Requirements for Sustainability Assurance Engagements; and

                 6.              ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001.

Requirements

 1.                The assurance practitioner shall apply AUASB Standards in conjunction with paragraphs 12 and 13 of this Auditing Standard.

Authority of the Paragraphs in AUASB Standards (Ref: Para. A26-A55)

Mandatory Components (Ref: Para. A28-A44, A55)

 1.                The assurance practitioner shall apply the mandatory components of AUASB Standards relevant to the engagement.  The mandatory components are included in each AUASB Standard under the headings listed below:

         1.                 Application.  (Ref: Para. A28-A32)

         2.                 Operative Date. (Ref: Para. A33-A35)

         3.                 Objective(s). (Ref: Para. A36)

         4.                 Definition(s). (Ref: Para. A37)

         5.                 Requirements. (Ref: Para. A38-A44)

Explanatory Material (Ref: Para. A45-A55)

 1.                The assurance practitioner shall have an understanding of the entire text of an AUASB Standard, including its application and other explanatory material, to understand its objectives and to apply the mandatory components of the standard properly.  The explanatory material is included in each standard under the headings listed below (where applicable):

         1.                 Conformity with International Standards. (Ref: Para. A45-A49)

         2.                 Application. (Ref: Para. A28, A32).

         3.                 Introduction. (Ref: Para. A50)

         4.                 Application and Other Explanatory Material. (Ref: Para. A51-A53)

         5.                 Appendices. (Ref: Para. A54)

    Explanatory material does not create or extend mandatory components.

* * *

Application and Other Explanatory Material

Scope of this Auditing Standard (Ref: Para. 3-4)

"Authority Statement" included in AUASB Standards

     1.              This Auditing Standard forms an important part of the legal and regulatory framework of AUASB Standards. AUASB Standards are to be read in conjunction with this 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;