News

On 25 May 2021 AASB and AUASB staff co-presented the third webinar in a series on the removal of special purpose financial statements and the introduction of simplified disclosures

This webinar outlined the audit implications for
• entities transitioning from special purpose financial statements; and
• entities transitioning from Tier 2 – Reduced Disclosure Requirements

The slide pack can be found   here A recording of the webinar is also available on our YouTube channel for those of you who missed it Watch it   here

The AUASB Staff have published   a guide to assist assurance prescribers  in drafting assurance requirements which are clear and effective The guide addresses a number of matters including determining the appropriate scope of an engagement the different levels of assurance and the options in Australia available to perform engagements

This guide will be useful when new legislation is being proposed and/or existing legislation is being revised and an assurance engagement is part of these requirements The guide may also be useful when drafting contracts or other formal agreements where an assurance engagement is required

AUASB April 2021 Meeting Highlights now available click   here  to read

The IAASB published a  Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements

The guidance responds to ten key stakeholder-identified challenges commonly encountered in applying ISAE 3000 (Revised) The guidance promotes the consistent high-quality application of the assurance standard EER assurance engagements to

• strengthen the influence of such engagements on the quality of extended external reporting;
• enhance trust in the resulting assurance reports; and
• increase the credibility of extended external reports so that they can be trusted and relied upon by their intended users

Two additional items of  non-authoritative support material  have also been published which are not...

AUASB Staff Podcast - Auditors face changes in audit quality management standards - what are they and why are they important?

AUASB staff members Matthew Zappulla and Rene Herman have been featured in a podcast hosted by journalist Tom Ravlic asking “Auditors face changes in audit quality management standards - what are they and why are they important?”

Access a recording of the Podcast  here  or via your usual Podcast platform

What the Auditing and Assurance Standards Board does is critical in ensuring the standards regulating audits and other assurance services are fit for purpose and designed to...

AUASB Bulletin  Audit Considerations on the removal of special purpose financial statements for certain for-profit private sector entities  details the matters for auditors to consider as a result of the recent amendments to the Australian Financial Reporting Framework which

• removes the ability for certain for-profit private sector entities to prepare special purpose financial statements; and
• replaces Tier 2 Reduced Disclosure Requirements general purpose financial statements with a new Tier 2 Simplified Disclosure Standard (AASB 1060)

To further assist preparers and auditors of entities impacted by these changes the AASB and the AUASB staff will run 3 webinars – refer  here

Refer  here  for the AUASB bulletin...

The AUASB seeks public comment by 14 May 2021 on  ED 01/21  Proposed Conforming and Consequential Amendments to the other AUASB Standards as a result of the New and Revised Quality Management Standards

The International Auditing and Assurance Standards Board (IAASB) has issued for public comment an  exposure draft (ED) on proposed conforming and consequential amendments to the IAASB’s Other Assurance Standards and the International Framework of Assurance Engagements (Framework)  in response to the new and revised Quality Management (QM) standards Consequently the AUASB issued ED 01/21 which represents the Australian exposure of  Proposed Conforming and Consequential Amendments to the other AUASB

The IAASB’s Exposure Draft includes an Explanatory Memorandum (EM) and is provided as an attachment to the ED 01/21 The IAASB’s ED aligns the IAASB’s standards related to review assurance and related services as well as its framework with the quality management standards through conforming amendments...

AUASB March 2021 Meeting Highlights now available click   here  to read

Looking for ASA 540 resources and answers to some commonly asked questions about implementing ASA 540? Look at our new dedicated portal on the AUASB website relating to Auditing Accounting Estimates Auditing Accounting Estimates continues to be the area with the most findings in ASIC’s Audit Inspection Report so we recommend auditors refer to these materials as they may assist

The series of Frequently Asked Questions provides answers to potential implementation areas that our stakeholders are seeking clarification on   They include questions related to areas such as
• professional scepticism
• risk assessment
• using management’s experts
• disclosures
• documentation

Auditors are highly encouraged to read the ASA 540 resources and Frequently Asked Questions when planning their audit

The Auditing and Assurance Standards Board are pleased to release the  2nd report on Audit Quality in Australia The Perspective of Audit Committee Chairs This report presents the results of a survey conducted jointly with the FRC to gather the perspective of Audit Committee Chairs (ACCs) on audit quality

ACCs are an important constituency in the discussion about audit quality as they play an integral role in aiding and assessing the performance and quality of their external auditor

This report details the results of the survey as well as further insights on ACCs’ perspectives on audit quality The report aims to assist audit committees and auditors as they work together with the goal of improving audit quality and ultimately the integrity of financial reporting

This is the second survey of this type that has been conducted in Australia following  the first in 2018 In order to achieve...

More news about dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text dummy text 

To assist companies in providing useful information to investors about the effects of interest rate benchmark reform on financials statements the AASB is proposing amendments to AASB Standards through ED 299 Interest Rate Benchmark Reform — Phase 2

The pre-replacement issues arising from the reform was addressed in AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform by amending some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the reform (Phase 1 of the project)

The proposals in ED 299 attempt to address replacement issues (Phase 2 of...

IFRS Interpretations Committee agenda decisions from October 2019 to March 2020 have now been compiled by the IFRS Foundation

This is volume 2 of the IFRS Foundation’s semi-annual Compilation of Agenda Decisions of the IFRS Interpretations Committee You can find the compilations here

Oldest news the document is prepared for educational purposes highlighting requirements within the Standard that are relevant for companies considering how the pandemic affects their accounting for expected credit losses (ECL) It does not change remove nor add to the requirements in IFRS 9    Financial Instruments It is intended to support the consistent and robust application of IFRS 9

Oldest news the document is prepared for educational purposes highlighting requirements within the Standard that are relevant for companies considering how the pandemic affects their accounting for expected credit losses (ECL) It does not change remove nor add to the requirements in IFRS 9  Financial Instruments It is intended to support the consistent and robust application of IFRS 9

Oldest news the document is prepared for educational purposes highlighting requirements within the Standard that are relevant for companies considering how the pandemic affects their accounting for...