Highlights and Podcast of September meeting now available

The highlights and podcast of the September 2019 AUASB meeting are now available. The key discussion topics included a review of September 2019 IAASB papers with the main agenda item being ISA 315 Identifying and Assessing the Risks of Material Misstatement, feedback from stakeholders on our exposure draft for ASRE 2410 Review of a Financial Report Performed by the Auditor of the Entity, and more.

AUASB Board Member Vacancies

The AUASB is currently advertising for outstanding candidates to join its Board, starting in January 1, 2020 and running for a three year term (with a possible extension available). More information about the position can be found on the Financial Reporting Council’s website here

Will a Broader Use of Auditing Standards Increase Trust?

In his latest article for the University of NSW Business School publication, Business Think, AUASB Chair Roger Simnett asks whether a broader use of auditing standards will increase trust. Roger also addresses the issue of assurance quality and credibility in reports, as some practitioners may reference the standards, but elect to not fully apply them. ... Read more

AUDITING AND ASSURANCE STANDARDS BOARD WELCOMES PARLIAMENTARY INQUIRY INTO THE REGULATION OF AUDITING IN AUSTRALIA

The Chair of the Auditing and Assurance Standards Board (AUASB), Professor Roger Simnett AO, welcomes the news that the Parliamentary Joint Committee on Corporations and Financial Services will be investigating the regulation of auditing in Australia.... Read more

Webinar: CPA webinar on Revised ASA 540 Auditing Accounting Estimates and Related Disclosures

Rene Herman, Senior Project Manager at the AUASB, presented a webinar for CPA Australia on Revised ASA 540 Auditing Accounting Estimates and Related Disclosures. The recording of that webinar , held on 24 July 2019 is now available.

Welcome new AUASB Academic Scholars!

We are very pleased to announce that Prof. Elizabeth Carson from UNSW Sydney and Dr. Amanda White from UTS Sydney are joining the AUASB as academic scholars for the period July – December 2019.  Professor Carson and Dr. White will work with the AUASB Chair and the Technical Group on research topics that are mutually agreed and relevant to the outcomes of the AUASB, including audit markets, auditor reporting, auditor decision making, and engaging with the profession.... Read more

Update to request for comment: ED 01 19 ASRE 2410 Review of a Financial Report Performed by the Auditor of the Entity Addendum to Explanatory Memorandum

The AUASB released Exposure Draft 01/19 on 16 May 2019. Subsequent to this, the NZAuASB have released their equivalent Exposure Draft. Whilst the majority of the proposed changes in the EDs are consistent, the AUASB and the NZAuASB have alternate views on how to describe, in the auditor’s review report, the auditor’s responsibility in relation to going concern.  

To seek feedback the AUASB have released an Addendum to its Explanatory Memorandum, and have extended the comment period for ED 01/19 to 28 August 2019, to allow stakeholders time to further consider this matter.

To view ED 01/19, the Explanatory Memorandum and Addendum, please click here . 

Auditor’s Responsibilities and the Financial Reporting Framework

The AUASB Bulletin released: Auditor's Responsibilities and the Financial Reporting Framework. The purpose of this bulletin is to remind auditors of their responsibilities in relation to considering the FRF when auditing a financial report. In addition, this Bulletin alerts auditors to additional disclosure requirements being proposed for financial reports prepared using a SPF. ... Read more

AUASB presents at 2019 AFAANZ conference

A number of AUASB Members and staff attended the Accounting and Finance Association of Australia and New Zealand (AFAANZ) conference in Brisbane between 6-9 July 2019. The AUASB Chair, Scientia Professor Roger Simnett AO, was a keynote speaker and presented “Rebuilding trust in a profession under pressure: The role of accounting and assurance research”. ... Read more

Are the auditing standards becoming too complex for small entities? AUASB Survey

Audit practitioners globally are raising concerns about the growing level of complexity of the auditing standards and the difficulties in applying them to audits of small entities. The AUASB has released a short survey on Audits of Less Complex Entities (LCE) to obtain Australian Stakeholder’s feedback on this important topic.... Read more

AUASB Submission to IAASB on QM Standards

The AUASB submitted its responses to the IAASB’s Quality Management EDs. Whilst supportive of the overall concepts in the EDs, the AUASB raised concern the greater complexity and detail make the standards more challenging to apply for all auditors.... Read more

2020 Graduate Program

Each year, the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) invite one or more graduate or postgraduate Accounting students to participate in their Graduate Program. The Graduate Program will allow students to gain experience and exposure to all facets of accounting and auditing standard setting, from the technical behind-the-scenes work required to create or amend standards, through to project management, communications, and research. Applications close August 30, 2019, click here for further information.

Webinar: Proposed Revisions to ASRE 2410 Now Available

The recording of the AUASB’s webinar on Proposed revisions to ASRE 2410 Review of a Financial Report Performed by the Auditor of the Entity, held on 25 June 2019 is now available

Email Outage Between 21/06 and 24/06

The AASB and AUASB experienced technical difficulties between 9am on Friday, June 21 and 3pm on Monday, June 24. As a result, incoming emails were not received. We apologise for this inconvenience and kindly ask you to re-send any emails you attempted to send during this period. All email activity has resumed as normal and no further delays or interruptions are expected at this point in time.

Highlights and Podcast of June meeting now available

The highlights and podcast of the June 2019 AUASB meeting are now available. The key discussion topics included a review of June 2019 IAASB papers, the AUASB's Quality Management Standards Submission, Audit Quality developments, and more.

AUASB Submission on the IAASB Proposed Strategy for 2020-2023 and Work Plan for 2020-2021

In its submission to the IAASB on their Proposed Strategy for 2020-2023 and Work Plan for 2020-2021 the AUASB considers the Proposed Strategy and Work Plan supports the IAASB’s objectives We commend the IAASB and its staff on the structure and content of the document, and note the strong alignment with many aspects of our current AUASB Strategy and Work Plan. However, there are a number of headline matters which the AUASB highlight as worthy of consideration and potential change to the IAASB’s Proposed Strategy and Work Plan in our response.

Roger Simnett, AUASB Chair, featured on CPA Podcast: Climate-related Risk Disclosures

Roger Simnett (AUASB Chair) and Kris Peach (AASB Chair) recently sat down with John Purcell, Policy Adviser ESG at CPA Australia to discuss climate-related risks disclosures.

Listen to the Podcast here.

Upcoming Webinar on June 25, 2019: Proposed revisions to ASRE 2410 Review of a Financial Report Performed by the Auditor of the Entity

Are you an auditor of a listed entity who performs interim reviews under ASRE 2410?  Have you seen our recently released ED 01/19 which proposes amendments to the format and content of the auditor’s review report as a result of the enhanced auditors report?  The AUASB is holding a webinar on 25 June 2019, at 10.00am, to equip you with the information you need to understand what is being proposed, and why, and to give you an opportunity to provide feedback. 

Please send any questions you have to enquiries@ausb.gov.au, so we can cover them, and remember that comments are due to 9 August 2019, or earlier.  

Register here.

Request for comment: ASRE 2410 Review of a Financial Report Performed by the Auditor of the Entity

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

Quality Management Roundtables

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

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

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.

Feedback sought on IAASB Less Complex Entities Discussion Paper

The IAASB has published a new Discussion Paper Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs) which seeks to further understand the challenges of using the ISAs in audits of less complex entities—and views about possible actions to address these challenges.

Feedback on this document is requested to the AUASB by 31 August 2019 from all interested stakeholders.

 ... Read more

May 2019 is AUASB Outreach Month!

The Australian Auditing and Assurance Standards Board (AUASB) seeks public comment on a number of current AUASB Exposure Drafts (EDs) and International Auditing and Assurance Standards Board (IAASB) Consultation papers this month.... Read more

Request for comment: Proposed IAASB Strategy for 2020-2023

The Australian Auditing and Assurance Standards Board (AUASB) seeks public comment on its submission to the International Auditing and Assurance Standards Board’s Proposed Strategy for 2020–2023 and Work Plan for 2020–2021.... Read more

Request for Comments on IAASB Quality Management Standards

The Australian Auditing and Assurance Standards Board (AUASB) seeks public comment by 5 June 2019 on three interrelated IAASB standards that address quality management.... Read more

IAASB consultation on Extended External Reporting (EER) (Phase 1 Guidance)

EER encapsulates many different forms of reporting, including—but not limited to—integrated reporting, sustainability reporting, and other reporting by entities about environmental, social and governance matters. The IAASB is consulting on its progress in developing draft guidance in the first phase of its EER Assurance project.... Read more

AUASB submits feedback to the IAASB on ED ISRS 4400 Agreed-Upon Procedures Engagements

The AUASB has today submitted feedback on the IAASB's Proposed International Standard on Related Services Engagements ISRS 4400 Agreed-Upon Procedures Engagements.... Read more

Auditing and Assurance Standards Board Chair has been inducted into the Australian Accounting Hall of Fame

The Auditing and Assurance Standards Board would like to extend its congratulations to our Chair, Scientia Professor Roger Simnett, who has been inducted into the Australian Accounting Hall of Fame.... Read more

Webinar: Proposed Revisions to ISRS 4400 Agreed-Upon Procedures Engagements

Watch our latest webinar, Proposed Revisions to ISRS 4400 Agreed Upon Procedures Engagements, here.... Read more

New compilations of auditing standards are now available

New compilations as a result of the issuance of ASA 540 Auditing Accounting Estimates and Related Disclosures are now available on the pronouncements page.

Auditing and Assurance Standards Board Chair welcomes latest ASIC Audit Inspection Report

The Chair of the Auditing and Assurance Standards Board (AUASB), Professor Roger Simnett AO, welcomes the release of the Australian Securities and Investment Commission’s (ASIC) Audit Inspection Findings for 2017-18..... Read more

Webinar on 8 February 2019 at 10am: Proposed Revisions to ISRS 4400 Agreed-Upon Procedures Engagements

Are you a practitioner who performs agreed-upon procedures engagements or a user of agreed-upon procedures reports?  Have you seen the recently released AUASB Consultation Paper Agreed-Upon Procedures Engagements?  If so, this webinar on Friday, 8 February at 10am is for you...... Read more

Office Closure

Our Offices will be closed for the holiday period on 12.00pm Friday 21 December and will re-open at 9.00am on Monday 7 January 2019.  We wish you a happy and safe holiday.

December newsletter now available

The December 2018 newsletter is now available.

AUASB issues Consultation Paper on Agreed-Upon Procedures Engagements

The AUASB has released a Consultation Paper on Agreed-Upon Procedures Engagements with comments requested by 18 February 2019.... Read more

Climate-related and other emerging risks disclosures: assessing financial statement materiality using AASB Practice Statement 2

If you are in an industry impacted by climate-related risks your financial reporting considerations have now changed as a result of your investors publicly stating that their decisions are being impacted by climate-related risks..... Read more

AUASB issues Revised ASA 540 Auditing Accounting Estimates and Related Disclosures

The AUASB has released the revised ASA 540 Auditing Accounting Estimates and Related Disclosures with the operative date being for financial reporting periods commencing on or after 15 December 2019.  Early adoption is permitted prior to this date.... Read more

AUASB issues the updated AUASB Glossary

The AUASB has released the updated AUASB Glossary, which sets out the terms defined, or used in, the suite of AUASB Standards. A number of general terms are included to provide useful guidance to auditors and assurance practitioners..... Read more

FRC announces appointments to the AUASB for 2019

AUASB Chair, Roger Simnett, welcomes the appointment of two new members of the Auditing and Assurance Standards Board, as announced today by the Financial Reporting Council (FRC).... Read more

AUASB submits feedback on ED ISA 315

AUASB submits feedback on ED ISA 315: The AUASB has today submitted feedback on the IAASB's Proposed International Standard on Auditing ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement.... Read more

AUASB-NZAuASB Webinar: ASA 315 Exposure Draft – Question and answer recording available

AUASB-NZAuASB Webinar: ASA 315 Exposure Draft – Question and answer recording available

Co-hosted with the NZAuASB, this 90-minute webinar features IAASB Member and Chair of the ISA 315 Task Force, Fiona Campbell, who answers stakeholder questions on proposed ASA 315 Identifying and Assessing the Risks of Material Misstatements included in ED 01/18.... Read more

Audit Quality in Australia: The Perspective of Audit Committee Chairs

The Auditing and Assurance Standards Board are pleased to release Audit Quality in Australia: The Perspective of Audit Committee Chairs, reporting on the results of a survey conducted jointly with the FRC to gather the perspective of ASX 300 Audit Committee Chairs (ACCs) on audit quality.... Read more

AUASB-NZAuASB Webinar: ASA 315 Exposure Draft – Question and answer session

AUASB-NZAuASB Webinar: ASA 315 Exposure Draft – Question and answer session: Co-hosted with the NZAuASB, this 90-minute webinar features IAASB Member and Chair of the ISA 315 Task Force, Fiona Campbell, who is available to answer questions on proposed ASA 315 Identifying and Assessing the Risks of Material Misstatements included in ED 01/18. Further information.

AUASB September Meeting Highlights available

AUASB September Meeting Highlights available: Highlights from the September AUASB Board Meeting are available to read or listen to.

FRC seeks applications for AUASB Members

Three vacancies currently exist for appointment as a part-time member of the Auditing and Assurance Standards Board (AUASB).... Read more

AUASB-NZAuASB Webinar: ASA 315 Exposure Draft – recording and presentation available

AUASB-NZAuASB Webinar: ASA 315 Exposure Draft – recording and presentation available: Jointly hosted with the NZAuASB, this 90-minute webinar features IAASB Member and Chair of the ISA 315 Task Force Fiona Campbell, who explains the key revisions to the auditor’s risk assessment procedures, included in ED 01/18 proposed ASA 315 Identifying and Assessing the Risks of Material Misstatement. Listen to the recording. Download the slides.... Read more

The FRC releases its Position Statement on External Reporting

The FRC releases its Position Statement on External Reporting: In response to increasing demand from investors and other stakeholders for more than just financial statements, the Financial Reporting Council (FRC) has released its Position Statement on External Reporting.... Read more

August newsletter now available

The AUASB August newsletter is now available.

Open for registration: Have you say on Exposure Drafts ASA 315 and ASA 540

Open for registration: Have you say on Exposure Drafts ASA 315 and ASA 540 – To be held across Australia during September/October, these roundtable discussions will give attendees the opportunity to share their views and insights into two recently released Exposure Drafts. More information and registration.

Auditor Reporting FAQ update

Auditor Reporting FAQ update: The Auditor Reporting FAQ has been updated to include Question B14 which addresses the question of whether Key Audit Matters are likely to, or should, change each year. Go to the FAQ.

Have your say: EDs ASA 315 and ASA 540

Have your say: The AUASB invites comments on Exposure Drafts of revisions to ASA 315 Identifying and Assessing Risks of Material Misstatement and ASA 540 Auditing Accounting Estimates and Related Disclosures. Read more.

IAASB global discussion on EER

IAASB global discussion on EER: The IAASB is holding a series of discussions globally, with the Australian discussion to be held in Sydney on Friday 2 November to help shape the future of assurance over emerging forms of external reporting (EER).... Read more

AUASB Teleconference to review and approve new Exposure Drafts

The AUASB has scheduled an additional meeting on Tuesday 31 July 2018 to review and approve AUASB Exposure Drafts (EDs) for ISA/ASA 315 Identifying and Assessing the Risks of Material Misstatement, ASA 540 Auditing Accounting Estimates and Related Disclosures, and associated EDs addressing conforming amendments to the ASAs arising from these two revised standards. Read more.

IAASB June 2018 Meeting update

IAASB June Meeting update: a summary of outcomes from this meeting includes updates on ISA 540, ISA 315 and ISQC 1 is available here.

AUASB June Meeting Highlights

AUASB June Meeting Highlights available: Highlights from the June AUASB Board Meeting are available to read or listen to. 

May newsletter now available

The AUASB May newsletter is now available. Topics covered include the upcoming joint AASB-AUASB Perth forums, the reissuance of ASA 102, improving transparency of the auditor's work in 'Other Information', and international updates.

Joint AASB-AUASB Perth Forums – May

Joint AASB-AUASB Perth Forums – May: The AASB and AUASB are collaborating to host the following three forums in Perth next month. Go to the Upcoming Events page for further information and to register.

AUASB April Meeting Highlights available

AUASB April Meeting Highlights available: Highlights from the April board meeting are now available to read or listen to.

AUASB reissues ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements

The AUASB has reissued ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements in March 2018. The reissued ASA 102 refers to the most recent version of APES 110 which was amended in May 2017 to incorporate revisions by the International Ethical Standards for Accountants (IESBA) to the Code of Ethics for Professional Accountants for Non-Compliance with Laws and Regulations and Non-Assurance Services to Audit and Assurance Clients.  The APES 110 amendments were operative 1 January 2018.

CA ANZ Perspective article: Improving transparency of the auditor’s work performed on ‘Other Information’

CA ANZ Perspective article: Improving transparency of the auditor’s work performed on ‘Other Information’: published as part of the CA ANZ's Perspective series, this AUASB article discusses feedback received on issues experienced by practitioners and other observations with regard to the required inclusion in the Auditor’s Report of the ‘Other Information’ section as per ISA 720 The Auditor’s Responsibility Relating to Other Information (ASA 720 in Australia and ISA(NZ) 720 in New Zealand).

AUASB member appointed to the IAASB EER Assurance Project Advisory Panel

AUASB member appointed to the IAASB EER Assurance Project Advisory Panel: The International Auditing and Assurance Standards Board (IAASB) Emerging Forms of External Reporting (EER) Task Force this week announced the appointment of AUASB member Jo Cain to the recently established EER Assurance Project Advisory Panel. Ms Cain will be assisted by the AUASB Technical Group in her role and will work closely with the other representatives from the Australasian region. Read more.

AUASB March Meeting Highlights available

AUASB March Meeting Highlights available: Highlights from the March board meeting are now available to read or listen to.

AUASB February 2018 Newsletter

The February 2018 newsletter is now available. Topics covered include the AUASB Submission to the Monitoring Group; AUASB Agenda Consultation Forums Overview; AUASB Submission to NZAuASB on ED 2017-2 The Audit of Service Performance Information and Appointment of AUASB Members.

AUASB Submission to the Monitoring Group

AUASB Submission to the Monitoring Group: Earlier this month, after listening to key stakeholders, the AUASB submitted its response to the Monitoring Group’s Consultation Paper: Strengthening the governance and oversight of the international audit-related standard-setting boards in the public interest.... Read more

AUASB 2017 Agenda Consultation Overview

AUASB 2017 Agenda Consultation Overview: Click here for an overview of the AUASB's recent consultation forums on our technical work program and strategic projects for the period 2017-2020.

AUASB Submission to NZAuASB on The Audit of Service Performance Information ED

AUASB Submission to NZAuASB on ED 2017-2 The Audit of Service Performance Information: In December, after discussions at the November AUASB meeting and input at a number of the NZAuASB meetings as the ED was developed, the AUASB Technical Group submitted its response to the NZAuASB’s ED 2017-2: New Zealand Auditing Standard XX The Audit of Service Performance Information.... Read more

AUASB Meeting Highlights – 28 November

Highlights from the November board meeting are now available via this (12 minute) podcast as well as the this two-page Highlights document.

FRC announces appointments to the AUASB

AUASB Chair Prof Roger Simnett today welcomed the appointment of members of the Auditing and Assurance Standards Board for 2018, as announced today by the Financial Reporting Council (FRC) read more.

October newsletter released

The October 2017 newsletter is now available. Topics covered include the upcoming AUASB Agenda Consultation Forums; Enhanced Auditor's Report – Perth feedback session and new Bulletin and FAQs; and the issuance of ASAE 3500 Performance Engagements.

The new enhanced Auditor's Report – responding to questions at AGMs

AUASB Bulletin released: The new enhanced Auditor's Report – responding to questions at AGMs. This Bulletin provides guidance to auditors on responding to questions they may receive at an Annual General Meeting (AGM) on the content of the new enhanced Auditor’s Report. Read more.

AUASB Agenda Consultation Forums

Have your say: in order to seek stakeholder views on the major auditing and assurance projects which the AUASB will be progressing during the next few years, we invite you to participate in our November consultation forums. Further information and registration.

New Auditor Reporting FAQs available

New Auditor Reporting FAQs to assist stakeholders with the implementation of the new requirements have been added to the website.... Read more

Quality in performance engagements set to step up

Stakeholders in the public sector are set to benefit from strengthened performance engagements, following the Auditing and Assurance Standards Board’s (AUASB) issuance of a new standard on assurance engagements, ASAE 3500 Performance Engagements. Read more.

AUASB Meeting Highlights – 12 September

Highlights from the September board meeting are now available via this (11 minute) podcast as well as the usual highlights document.

Appointment of Damian Paull to the role of National Director

We are pleased to announce the appointment of Damian Paull to the role of National Director, AASB and AUASB. Damian is a proven CEO with an excellent track record of leadership, change management and building high performance teams.... Read more

AUASB Strategy

AUASB Strategy: In collaboration with the Australian Accounting Standards Board (AASB), the AUASB has developed its strategy for the period 2017/18 – 2020/21. View the strategy and its associated documents.

FRC seeks applications for AUASB Members

FRC seeks applications for AUASB Members from individuals with experience in academic research and those with auditing and assurance in the public sector.... Read more

August newsletter released

The August 2017 newsletter is now available. Topics covered include the AUASB ISA 540 submission, the CA ANZ NOCLAR presentation and the latest AUASB meeting.

Way forward for professional scepticism

Way forward for professional scepticism: The global standard-setting boards for auditing, accounting ethics and accounting education have released a new publication, Toward Enhanced Professional Skepticism, on observations and ways to enhance professional scepticism.

AUASB submits feedback on ED ISA 540

The AUASB has today submitted feedback on the IAASB's Proposed International Standard on Auditing ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures. This follows extensive consultation with constituents at our Melbourne, Sydney and Brisbane roundtables, inviting comments via the website, and with formal discussions undertaken by AUASB members at recent board meetings.... Read more

AUASB Bulletin: Auditor review reports – the impact of the new auditor reporting requirements

Released today, AUASB Bulletin: Auditor review reports – the impact of the new auditor reporting requirements communicates how the new auditor reporting requirements may impact the format of auditor review reports for engagements conducted in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity.

AUASB Meeting Highlights – 18 July

Highlights from the July board meeting are now available via this (seven minute) podcast as well as the usual highlights document.

AUASB Provisional Strategy available for public comment

AUASB Provisional Strategy available for public comment: In collaboration with the Australian Accounting Standards Board (AASB), the AUASB has developed a provisional strategy for the period 2017/18 – 2020/21. The strategy is available for public comment until Friday 4 August ... read more

Auditor Reporting Requirements now in effect

All auditor's reports now look different and communicate more to users. The most significant change is the communication of Key Audit Matters (KAMs) in the auditor’s reports for listed entities. AUASB Chair Roger Simnett said, “The aim of the enhanced auditor's report is to increase the public’s confidence in both the audit process and the company financial statements... Read more

New Auditor Reporting FAQs available

New FAQs to assist stakeholders with the implementation of the new requirements have been added to the website.... Read more

New amending standard ASA 2017-1 issued

The AUASB has issued ASA 2017-1 Amendments to Australian Auditing Standards which amends ASA 210, ASA 700, ASA 701, ASA 800 and ASA 805.... Read more

Auditor Responsibility Statements updated

The Auditor Reponsibility Statements have been updated to accommodate a wider range of audit engagements. They are available via the AUASB website.

New Release – Audit Committees: A guide to good practice, 3rd Edition

An AICD, AUASB and IIA collaboration, this guide provides a practical introduction to the role and responsibilities of an audit committee. It explains the context in which an audit committee typically operates and outlines good practice. More information and to purchase.

Roger Simnett awarded Order of Australia

It is with great pleasure that, on behalf of the Auditing and Assurance Standards Board (AUASB) and the broader accounting and auditing professions, we extend our congratulations to AUASB Chair Roger Simnett on his appointment to the Order of Australia yesterday.... Read more

AUASB Meeting Highlights – 30 May 2017

The AUASB has released the highlights from its 30 May 2017 meeting.

ED 01/17 Performance Engagements – comments invited

This proposed ASAE establishes requirements and provides application material regarding the conduct of and reporting on assurance engagements on performance. The standard replaces the existing ASAE 3500 Performance Engagements, last revised and issued by the AUASB in October 2008... Read more

Auditor Reporting – New FAQs available

The new enhanced auditor reporting requirements are now in effect. To assist stakeholders the AUASB has made a series of FAQs available via the website. The AUASB has issued the following additional FAQs... Read more

AUASB Meeting Highlights – 26 April 2017

The AUASB has released the highlights from its 26 April 2017 meeting.

AUASB issues revised Guidance Statement GS 001

The AUASB has released an updated Guidance Statement GS 001 Concise Financial Reports Under the Corporations Act 2001.... Read more

AUASB invites comments on IAASB Exposure Draft ISA 540

The AUASB invites comments on Proposed International Standard on Auditing ISA 540 Auditing Accounting Estimates and Related Disclosures. Significant changes in how auditors evaluate accounting estimates and related disclosures have been proposed by the International Auditing and Assurance Standards Board (IAASB)... Read more

AUASB Chair Roger Simnett talks Key Audit Matters with AICD Senior Policy Adviser Kerry Hicks

AUASB Chair Roger Simnett is featured in this AICD article which addresses the key requirements of the new auditing standard ASA 701: Communicating Key Audit Matters in the Independent Auditor’s Report.

ASAE 3100 – Compliance engagement requirements set to be clearer

Published as part of the CA ANZ's Perspective series, this AUASB article provides guidance on the application of the revised standard, ASAE 3100 Compliance Engagements.

Panel Discussions - The New Enhanced Auditor's Report

Together with CA ANZ and CPA Australia, the AUASB is holding an informative session on the experiences and lessons learned from early adopters of the Enhanced Auditor Reporting standards.
Tuesday 9 May, Brisbane.
More information.

AUASB Meeting Highlights - 1 March 2017

The AUASB has released the Highlights from its 1 March 2017 meeting.

Compliance Engagement Requirements Set to be Clearer

Australian assurance practitioners will now have greater clarity when conducting compliance assurance engagements following the Auditing and Assurance Standards Board’s (AUASB) issuance of revised ASAE 3100.... Read more

Matthew Zappulla appointed as Technical Director

We are excited to announce the appointment of Matthew Zappulla to the position of Technical Director at the AUASB.

The Technical Director will lead the development and delivery of AUASB standard-setting projects. ... Read more

AUASB invites comments on IAASB Discussion Paper on Agreed-Upon Procedures, Engagements and Other Services

The International Auditing and Assurance Standards Board (IAASB)’s Agreed-Upon Procedures (AUP) Working Group has released its Discussion Paper, Exploring the Demand for Agreed-Upon Procedures Engagement and Other Services, and the Implications for the IAASB’s International Standards. Read more....

AUASB invites comments on Exposure Drafts 05/16, 06/16 and 07/16

The AUASB invites comments on the following Exposure Drafts:

05/16 Proposed Auditing Standard ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report

06/16 ASA 2016-1 Amendments to Australian Auditing Standards
07/16 ASA 2016-2 Amendments to Australian Auditing Standards

CPA podcast: Changes to Auditor Reporting

Jim Sylph, co-chair of the IAASB’s auditor reporting implementation working group, and Merran Kelsall, AUASB Chairman, explain the uptake around the world and the experiences of countries which have already implemented the changes and firms which have early adopted in this CPA-published podcast.

Listen to the podcast.

AUASB and AASB Office Closure

The Offices of the AASB and AUASB will close for the Christmas - New Year holiday period from 5.00pm on Friday 23 December and will re-open at 9.00am on Tuesday 3 January 2017.  We take this opportunity to wish you a safe and happy Festive Season.

Appointment - Chair of the Auditing and Assurance Standards Board

Treasurer, the Hon Scott Morrison MP and Minister for Revenue and Financial Services, Kelly O’Dwyer MP, today announced the appointment of Professor Roger Simnett as the Chair of the Auditing and Assurance Standards Board (AUASB) for a five-year period commencing on 1 April 2017. Read more...

FRC appoints board members to the AUASB

The Financial Reporting Council has announced appointments of board members to the Auditing and Assurance Standards Board (AUASB). ...Read more

Auditor Reporting FAQs

The AUASB has published a set of FAQs to assist with the adaption to the enhanced auditor reporting requirements that come into effect for the upcoming 31 December 2016 reporting season.

New Roles – Seeking Applicants

The AASB and AUASB are excited to announce that we have commenced recruitment for a further two newly created roles: a Finance and Risk Manager and a Communications Manager. Click here for further information.

Four new Technical Roles - Seeking Applicants

The AASB and AUASB is excited to announce that we have commenced recruitment for four newly created technical roles: Research Director, AASB, Technical Director, AUASB, Project Manager, AASB & Assistant Project Manager, AUASB . Click here for further information.

AUASB issues revised Australian Auditing Standard ASA 810

The AUASB has released revised Australian Auditing Standards ASA 810 Engagements to Report on Summary Financial Statements.... Read more

Highlights of AUASB Meeting 13 September 2016

The AUASB has released the Highlights from its 13 September 2016 meeting.

Justin Lachal appointed to new National Director role

The Australian Accounting Standards Board (AASB) and the Australian Auditing and Assurance Standards Board (AUASB) are pleased to announce the appointment of Justin Lachal to the role of National Director, supporting both the AASB and the AUASB.... Read more

FRC seeks applications for membership of AUASB and AASB in 2016-17

The Financial Reporting Council is seeking applications from interested persons for appointment of members of the AUASB and AASB.  Applications are sought by 11 September 2016.... Read more

AUASB invites comments on Exposure Draft 04/16

The AUASB invites comments on Exposure Draft 04/16 Proposed Standard on Assurance Engagements ASAE 3100 Compliance Engagements.... Read more

Appointment of Mr Robert Buchanan to the AUASB

Ms Merran Kelsall, Chairman of the Auditing and Assurance Standards Board (AUASB), is very pleased to announce that the Financial Reporting Council (FRC) has appointed Mr Robert Buchanan as a Member of the AUASB for three years from 1 July 2016.... Read more

AUASB invites comments on Exposure Draft 03/16

The AUASB invites comments on Exposure Draft 03/16 Proposed Auditing Standard ASA 810 Engagements to Report on Summary Financial Statements.... Read more

Highlights of AUASB Meeting 14 June 2016

The AUASB has released the Highlights from its 14 June 2016 meeting.

AUASB invites comments on Exposure Drafts 01/16 and 02/16

The AUASB invites comments on Exposure Draft 01/16 Proposed Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks and Exposure Draft 02/16 Proposed Auditing Standard ASA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.... Read more

National Director role for both AASB & AUASB

A new role of National Director for the AASB & AUASB has been created. If you are interested in helping the Boards contribute to investor confidence in the Australian market, have strong management, strategic planning and HR skills, and are seeking a genuine leadership opportunity, apply now.

New Financial Reporting Council Chair appointed

Congratulations to William (Bill) Edge on his appointment as Financial Reporting Council (FRC) Chair. Merran Kelsall, Chair Auditing and Assurance Standards Board (AUASB), and Kris Peach, Chair Australian Accounting Standards Board (AASB), said “We welcome Bill’s appointment. His skills and experience from public practice and academia will enable the FRC to support the AASB and AUASB in achieving the important objective of maintaining confidence in the Australian economy.  We look forward to working closely with him.”

http://agh.ministers.treasury.gov.au/media-release/005-2016/

Highlights of AUASB Meeting 18 April 2016

The AUASB has released the Highlights from its 18 April 2016.

July AUASB Meeting to be held in Sydney

Note: the 26 July AUASB Meeting will be held in Sydney at the offices of CA ANZ, 33 Erskine Street (from 10.00 a.m. to 5.00 p.m.).

Recruitment - Australian Auditing and Assurance Standards Board (AUASB) Chair

Applications are currently being sought for the the position of the Australian Auditing and Assurance Standards Board (AUASB) Chair...Read More

Highlights of AUASB Meeting 22 February 2016

The AUASB has released the Highlights from its 22 February 2016.

December 2015 Edition

The December 2015 edition of AUASB International Update has been published.... Read more

Enhanced Auditor Reporting Requirements announced by AUASB

The Auditing and Assurance Standards Board (AUASB) has issued one new, a number of revised and amended auditing standards that adopt the recent improvements made to the equivalent International Standards on Auditing (ISAs) by the International Auditing and Assurance Standards Board (IAASB).... Read more

FRC appoints new Board Members to the AUASB

The Financial Reporting Council (FRC) has announced appointments as members of the Auditing and Assurance Standards Board (AUASB).... Read more

AUASB invites comments on Exposure Draft 03/15 – addressing financial statement disclosures in the audit of financial statements

The Australian Auditing and Assurance Standards Board (AUASB) today issue a proposal to revise existing auditing standards: Australian Auditing Standard ASA 2015-3 Amendments to Australian Auditing Standards. This proposed Amending Standard makes changes to various Auditing Standards aimed at enhancing the auditor’s consideration of disclosures in the audit of the financial statements.... Read more

Update: GS 009 Auditing Self-Managed Superannuation Funds

Changes to paragraphs 72 and 113 of GS 009 have been made by the AUASB in order to further clarify the guidance in these paragraphs.

AUASB issues revised Guidance Statement GS 009

The AUASB has released an updated Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds.... Read more

AUASB issues revised Guidance Statement GS 003

The AUASB has released a revised Guidance Statement GS 003 Assurance Relating to Australian Financial Services Licences issued under the Corporations Act 2001.... Read more

The External Reporting Board Appoints New Chief Executive

The AUASB congratulates Warren Allen on his appointment as CEO of the External Reporting Board (XRB) New Zealand.

Auditing and Assurance Standards Board is relocating

The Office of the AUASB is relocating on Monday 21st September 2015.  Our new address is Podium Level, Level 14, 530 Collins Street, Melbourne. Our phone numbers, email and website address will remain the same.

Please note that AUASB staff will not have access to emails and phone from Friday 18th till Sunday 20th September. AUASB website and its content will be available as normal during this time.

Highlights of AUASB Meeting 15 September 2015

The AUASB has released the Highlights from its 15 September 2015 meeting.

Auditing and Assurance Standards Board (AUASB) applications for appointment as a member

The Financial Reporting Council (FRC) is seeking applications to fill two vacancies on the AUASB for individuals currently providing audit or assurance services. Expertise in specialist IT audit, use of data analytics, group audit or audits of financial institutions would also be valuable.... Read more

IAASB issues publication on Exploring Assurance on Integrated Reporting and Other Emerging Developments in External Reporting

The purpose of this publication, prepared by the Integrated Reporting Working Group, is to inform stakeholders about the IAASB’s ongoing work to explore assurance on integrated reporting and other emerging developments in external reporting.... Read more

August 2015 Edition

The August 2015 edition of AUASB International Update has been published.... Read more

AUASB invites comments on IAASB Exposure Drafts ISA 250 & ISA 810.

The IAASB has released Exposure Drafts for comment on:

- ISA 810, Reporting on Summary Financial Statements

- ISA 250, Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations... Read more

Highlights of AUASB Meeting 28 July 2015

The AUASB has released the Highlights from its 28 July 2015 meeting.

July 2015 Edition

The July 2015 edition of AUASB International Update has been published.... Read more

Influential Executive role in New Zealand

The External Reporting Board (XRB) of New Zealand is looking for a CEO to help create a world-class standards framework that contributes to New Zealand’s excellent reputation and commercial integrity.

AUASB issues a new Guidance Statement – GS 022 Grant Acquittals and Multi-Scope Engagements

GS 022 assists auditors in exercising professional judgement in applying the AUASB Standards to a selection of common practical application issues.... Read more

AUASB issues revised Guidance Statement GS 018 Franchising Code of Conduct – Auditor's Report

The AUASB has issued revised Guidance Statement GS 018 Franchising Code of Conduct – Auditor’s Reports on 15 June 2015 which replaces GS 018 Franchising Code of Conduct – Auditor’s Reports issued in October 2010.... Read more

AUASB invites comments on Exposure Draft 02/15 – the auditor’s responsibilities relating to other information included in an entity’s annual report

The Australian Auditing and Assurance Standards Board (AUASB) today issue a proposal to revise the existing Australian Auditing Standard ASA 720 The Auditor’s Responsibilities Related to Other Information in Documents Containing an Audited Financial Report. This proposed Standard, which has been re-titled ASA 720 The Auditor’s Responsibilities Related to Other Information, deals with the auditor’s responsibilities relating to other information included in an entity’s annual report and its revision is part of the AUASB’s project on enhanced auditor reporting.... Read more

Highlights of AUASB Meeting 9 June 2015

The AUASB has released the Highlights from its 9 June 2015 meeting.

May 2015 Edition

The May 2015 edition of AUASB International Update has been published.... Read more

AUASB issues Bulletin on the Impact of Direct Assistance Prohibition of Internal Audit on Group Audits

The AUASB has released a Bulletin Internal Audit – Impact of Direct Assistance Prohibition on Group Audits. ... Read more

AUASB Special Meeting 19 May 2015

The next special meeting of the AUASB will be held on Tuesday, 19 May 2015 commencing at 10.00 a.m.  This meeting will be held via teleconference to consider and approve a proposed exposure draft for ISA/ASA 720 The Auditor’s Responsibilities Relating to Other Information.

Interested stakeholders are welcome to come to the AUASB Board room to listen to the discussion.

AUASB invites comments on Exposure Draft 01/15 – enhancements to auditor reporting

The first tranche of exposure drafts addressing the enhancements to auditor reporting have been published today by the AUASB.... Read more

Highlights of AUASB Meeting 20 April 2015

The AUASB has released the Highlights from its 20 April 2015 meeting.

IAASB issues new standard on the auditor’s responsibilities for other information included in an annual report

The revised standard, ISA 720 The Auditor’s Responsibilities Relating to Other Information was released today by the International Auditing and Assurance Standards Board (IAASB). ... Read more

Independence e-Newsletter issued for March 2015

The March 2015 edition of Independence, the AUASB’s e-Newsletter has been published.... Read more

Ms Robin Low appointed Deputy Chairman AUASB

I am pleased to announce that AUASB Member, Ms Robin Low, has been appointed Deputy Chairman of the AUASB.... Read more

AUASB issues revised Guidance Statement GS 005

The AUASB has released an updated Guidance Statement GS 005 Using the Work of a Management’s Expert.... Read more

Now is the Time to be Heard: Survey on Quality Control - Small and Medium Sized Practices

The International Auditing and Assurance Standards Board (IAASB) has issued a survey in connection with its new Quality Control Initiative.... Read more

Highlights of AUASB Meeting 24 February 2015

The AUASB has released the Highlights from its 24 February 2015 meeting.

AUASB invites comments on IAASB Exposure Draft Addressing Reporting on Special Purpose Financial Statements

The AUASB invites comments on the IAASB Exposure Draft – Proposed International Standards on Auditing ISA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and ISA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.... Read more

February 2015 Edition

The February 2015 edition of AUASB International Update has been published.... Read more

IAASB Issues New and Revised Auditor Reporting Standards and Related Conforming Amendments

The first group of key changes to auditor reporting standards was released today by the International Auditing and Assurance Standards Board (IAASB). ... Read more

AUASB Issues Standard on Controls Assurance

A new key standard on controls assurance has been issued by the AUASB, following approval in late December 2014.  The new Standard on Assurance Engagements ASAE 3150 Assurance Engagements on Controls is operative for assurance engagements commencing on or after 1 January 2016, with early adoption permitted*.   The proposed standard replaces the existing standard, AUS 810 Special Purpose Reports on the Effectiveness of Control Procedures, last revised by the former AuASB in 2002.... Read more