Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_14:p2
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 2/3)
Character Range: 18058–21176

AUASB (other than the Chair); and
 (b) approving and monitoring the AUASB's:
 (i) priorities; and
 (ii) business plans; and
 (iii) budgets; and
 (iv) staffing arrangements (including level, structure and composition of staffing); and
 (c) determining the AUASB's broad strategic direction; and
 (d) giving the AUASB directions, advice or feedback on matters of general policy and on the AUASB's procedures; and
 (e) monitoring the development of international auditing standards and the auditing standards that apply in major international financial centres; and
 (f) furthering the development of a single set of auditing standards for world‑wide use with appropriate regard to international developments; and
 (g) promoting the continued adoption of international best practice auditing standards in the Australian auditing standard setting processes if doing so would be in the best interests of both the private and public sectors in the Australian economy; and
 (h) monitoring:
 (i) the operation of auditing standards to assess their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy; and
 (ii) the effectiveness of the consultative arrangements used by the AUASB; and
 (i) seeking contributions towards the costs of the Australian auditing standard setting processes; and
 (j) monitoring and periodically reviewing the level of funding, and the funding arrangements, for the AUASB.

Specific auditor independence functions

 (2B) The FRC functions include:
 (a) monitoring and assessing the nature and overall adequacy of:
 (i) the systems and processes used by Australian auditors to ensure compliance with auditor independence requirements; and
 (ii) the systems and processes used by professional accounting bodies for planning and performing quality assurance reviews of audit work undertaken by Australian auditors to the extent to which those reviews relate to auditor independence requirements; and
 (iii) the action that Australian auditors who have been subject to such quality assurance reviews have taken in response to the reports prepared as a result of those reviews; and
 (iv) the action taken by professional accounting bodies to ensure that Australian auditors who have been subject to such quality assurance reviews respond appropriately to the reports prepared as a result of those reviews; and
 (v) the investigation and disciplinary procedures of professional accounting bodies as those procedures apply to Australian auditors; and
 (b) monitoring the overall compliance by companies, registered schemes and disclosing entities with the audit‑related disclosure requirements of the Corporations Act and the accounting standards; and
 (c) giving the Minister reports and advice about the matters referred to in paragraphs (a) and (b); and
 (d) giving professional accounting bodies reports and advice about the matters referred to in subparagraphs (a)(ii), (iii), (iv) and (v); and
 (e) monitoring international developments in auditor independence, assessing the adequacy of the Australian