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22 Aug. 2016

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.

This proposed ASAE establishes requirements and provides application and other explanatory material regarding the conduct of and reporting on assurance engagements on compliance.  The standard replaces the existing ASAE 3100 Compliance Engagements, issued by the AUASB in July 2008 and last revised in October 2008.

This proposed ASAE facilitates conformity with current AUASB Standards and revised ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information issued in June 2014.  The draft standard reflects best practice in compliance engagements and clarifies how to scope, conduct and report on an assurance engagement on compliance.

The changes arising from this ED will be operative for assurance engagements commencing on or after 1 January 2018, with early adoption permitted prior to this date.

The AUASB seeks feedback from practitioners in the private and public sectors.  Comment letters are to be lodged with the AUASB via the “Submit comments to AUASB” button.  A PDF and Word document must be lodged.  Only PDF documents will subsequently appear on this website, unless comments are marked as confidential. AUASB requires a Word document for internal use only.

Please forward any comments by no later than 19 October 2016.