Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p6
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 15844–19136

and other assurance engagements.

14.               Existing paragraph 4 is amended to read as follows:

The objective of the auditor, assurance practitioner, engagement quality control reviewer and firm is to comply with relevant ethical requirements, including those pertaining to independence, relating to audits, reviews and other assurance engagements.

15.               Existing paragraph 5 is amended to read as follows:

For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

         (a)  Assurance practitioner means assurance practitioner as defined in ASQCM 1.

         (b)  …

         (c)  Engagement quality control reviewer means engagement quality control reviewer as defined in ASQCM 1.

         (d)  Firm means firm as defined in ASQCM 1.

         (e)  Relevant ethical requirements means ethical requirements that apply to the auditor, assurance practitioner, engagement quality control reviewer and firm. In Australia, these include the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited in November 2018, the applicable provisions of the Corporations Act 2001 and other applicable law or regulation.

16.               Existing paragraph 6 is amended to read as follows:

The auditor, assurance practitioner, engagement quality control reviewer, and firm shall comply with relevant ethical requirements, including those pertaining to independence, when performing audits, reviews and other assurance engagements.

17.               Existing paragraph A1 is amended to read as follows:

The auditor, assurance practitioner, engagement quality control reviewer, and firm are to have regard to the applicable requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), issued by the Accounting Professional & Ethical Standards Board Limited in November 2018, which are to be taken into account in determining whether relevant ethical requirements referred to in paragraph 6 of this Auditing Standard have been met. In relation to audits and reviews undertaken in accordance with the Corporations Act 2001, the provisions of Division 3 Part 2M.4 of the Act may also apply.

18.               Existing paragraph A2 is amended to read as follows:

APES 110 establishes the fundamental principles of ethics which are:

         (a)  …

The fundamental principles of ethics establish the standard of behaviour expected of the auditor, assurance practitioner, engagement quality control reviewer, and firm, when performing audits, reviews and other assurance engagements.

19.               Existing paragraph A4 is amended to read as follows:

APES 110 specifies Independence Standards, which set out requirements and application material on how to apply the conceptual framework to maintain independence when performing audits, reviews or other assurance engagements. The auditor, assurance practitioner, engagement quality control reviewer, and firm are required to comply with these standards in order to be independent when conducting such engagements. The conceptual framework to identify, evaluate and address threats to compliance with the