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The AUASB is seeking comments on Exposure Draft 01/19 ASRE 2410 Review of a Financial Report Performed by the Auditor of the Entity (ED 01/19). Comments are due by 9 August 2019. In addition to issuing this exposure draft the AUASB will hold a webinar to inform stakeholders of the main proposals and to gather feedback. Details to follow. Read More
The AUASB currently has out for exposure three interrelated proposed auditing standards that address quality management at the firm and engagement level, with roundtables starting from next week. Read More
The Auditing and Assurance Standards Board are pleased to release the Audit Quality in Australia: The Perspectives of Professional Investors, which reports the results of a survey conducted jointly with the FRC. As the objective of an external audit is to provide confidence to investors in the quality of financial reports, their views are vitally important. This survey was conducted to gather their views on audit quality, the value of audit, and the factors that influence these. We thank the investors who completed this survey. This survey forms part of the work the AUASB are performing in conjunction with the FRC, to understand key stakeholders' views on audit quality in Australia.
The AUASB and AASB have released the latest version of Climate-related and other emerging risks disclosures: assessing financial statement materiality using AASB/IASB Practice Statement 2, which was originally published in December 2018. Given investor statements on the importance of climate-related risks to their decision making, the impact of the materiality definition and AASB/IASB Practice Statement 2 Making Materiality Judgements, entities can no longer treat climate-related risks as merely a matter of corporate social responsibility, but should also consider them in the context of their financial statements.
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