Document ID: chunk:federal_register_of_legislation:F2017C00509:body:0:p11
Version: federal_register_of_legislation:F2017C00509
Segment Type: other
Provision Reference: 
Character Range: 26258–29142

(iiia) if the plan relates to an ERF audit—the audited body's systems and processes for identifying the risks of misstatements that are material and relevant to its reporting requirements under the CFI legislation and the body's procedures to address those risks;
 (iiib) if the plan relates to a safeguard audit—the audited body's systems and processes for identifying the risks of misstatements that are material and relevant to its application requirements under the safeguard rules and the body's procedures to address those risks;
 (iv) the industry sector (within the meaning of regulation 2.06 of the Regulations) in which the body operates;
 (i) the name of a peer reviewer for the assurance engagement (see section 3.7).
 (6) In complying with paragraphs (5)(g) and (h), the audit team leader
must specify his or her understanding of the matter mentioned in those paragraphs in sufficient detail to allow the audit team leader to show that he or she will be able to:
 (a) identify and assess the risks of there being a misstatement in the matter being audited that is material; and
 (b) design and perform assurance engagement procedures in response to the assessed risks.

3.7  Peer reviewer
 (1) The audit team leader must ensure that the judgments that the audit team leader made in preparing for and carrying out the assurance engagement and in preparing the assurance engagement report are evaluated by a person who:
 (a) is impartial and objective; and
 (b) has sufficient and appropriate qualifications, experience and authority to undertake the evaluation; and
 (c) is:
 (i) a Category 2 auditor (within the meaning of the Regulations); or
 (ii) a registered company auditor (within the meaning of the Corporations Act 2001).
 (2) The audit team leader must ensure that the person undertaking the evaluation:
 (a) reviews key documentation used by the audit team leader in preparing for and carrying out the assurance engagement and in preparing the assurance engagement report; and
 (b) reviews the proposed assurance engagement report; and
 (c) challenges the work performed by the audit team leader in an impartial and objective manner; and
 (d) documents how the person performed the evaluation; and
 (e) documents the outcome of the evaluation.

3.8  Ongoing nature of plan
  In carrying out the assurance engagement, the audit team leader must review the assurance engagement plan and, if the assurance engagement procedures deviate from what was originally planned, amend the plan accordingly to reflect the deviation.

Subdivision 3.3.3—Performing assurance engagement

3.9  Audit procedures to be done while performing assurance engagement
 (1) In carrying out an assurance engagement, the audit team leader must perform a risk assessment to determine the timing and extent of evidence gathering necessary to carry out the assurance engagement and the amount