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29 Apr. 2019

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.

 

New Audit Quality Management Standards

The AUASB has issued three interrelated proposed auditing standards that address quality management at the firm and engagement level:

• ISQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements -
 ISQM 2 Engagement Quality Reviews
• ISA 220 Quality Management at the Engagement Level

These EDs propose important changes to the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements. Each ED is accompanied by a supporting Explanatory Memorandum which contains Australian specific issues and questions on each proposed standard.

Additionally the AUASB has issued an Explanatory Guide Exposure of the IAASB’s Proposed Quality Management Standards in Australia that provides an overview of how the AUASB is requesting feedback from Australian stakeholders on the proposed changes, and their impact on the Australian assurance market.

The AUASB seeks public comment on these New Audit Quality Management Standards by 5 June 2019.

For further information refer to the AUASB Website.

 

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.


The AUASB have discussed initial feedback on the Proposed IAASB Strategy for 2020-23 at its April 2019 Board Meeting, and want to consider the views of all Australian stakeholders when forming its final response.

Feedback on this document is requested to the AUASB by 24 May 2019 from all interested stakeholders.

For further information refer to the AUASB Website.

 

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

The IAASB is consulting on its progress in developing draft guidance in the first phase of its EER Assurance project. Further information is available on the AUASB Website here.

Views on the IAASB’s EER Consultation Paper can be submitted to the AUASB by Friday, 24 May 2019, or to the IAASB directly by Friday, 21 June 2019.

 

Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs

The IAASB has released a Discussion Paper exploring ongoing challenges relating to the complexity and difficulties in applying the International Standards on Auditing (ISAs) faced by those auditing ‘less complex’ entities (LCEs).

The Discussion Paper sets out:

• Challenges that have been identified to date.
• A number of possible actions that could be undertaken to address the identified challenges.


The purpose of this consultation is for the IAASB to obtain input on the challenges and to help them determine actions in relation to audits of LCEs. Accordingly, the IAASB are looking for input from all stakeholders, but in particular practitioners auditing LCEs.

The Discussion Paper can be accessed here.

 

AUASB Outreach Activities in May

The AUASB will be arranging a series of outreach events to gather feedback on all of the above items in May 2019. Details of locations and dates for these sessions will be confirmed shortly.

Stay alert to the AUASB’s website for news of our Outreach Plans – your views are valuable to us.  Now is the time that the AUASB can influence the direction of these critical IAASB standards and other publications.

For further information contact the AUASB at enquiries@auasb.gov.au.