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3 May. 2017

AUASB issues revised Guidance Statement GS 001

The AUASB has released a revised Guidance Statement GS 001 Concise Financial Reports Under the Corporations Act 2001.

The Guidance Statement provides guidance to auditors conducting audit engagements of a concise financial report prepared under the Corporations Act 2001 (“the Act”) and in accordance with Accounting Standard AASB 1039 Concise Financial Reports (as amended April 2015).
 
The key changes that have been addressed in the revised GS 001 include:
• auditor’s considerations in relation to reporting of key audit matters;
• auditor’s considerations in relation to reporting of other information; and
• new illustrative auditor’s reports in line with revised ASA 810.