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New AUASB Due Process Framework available for public comment

The AUASB has completed its review of its internal processes for developing, issuing and maintaining AUASB Standards, Guidance Statements and other related materials. 

The new Due Process Framework for Developing, Issuing and Maintaining AUASB Pronouncements and other Publications:

Sets out the principles underlying the AUASB’s due process and describes the processes and detailed procedures followed by the AUASB and AUASB Technical Staff to ensure transparency and consistency in the development and review of AUASB pronouncements and other publications; and

Informs stakeholders on how they can participate in the AUASB’s standards setting process.

It is in the public interest that stakeholders have confidence in both the quality of AUASB pronouncements and publications, as well as the credibility of the process by which these materials are developed. The new AUASB Due Process Framework is designed to ensure that AUASB pronouncements and publications are developed in accordance with the principles of the Public Interest Framework for the Development of AUASB Pronouncements, set out in Appendix 1 of the document. The Public Interest Framework, together with the Due Process Framework, articulate the public interest responsiveness of AUASB audit-related standard-setting.

The new Due Process Framework document will be revised periodically and should be read in conjunction with the AUASB Board Charter and Foreword to AUASB Pronouncements.

The new document is available for public comment until Friday 29 January 2021. Feedback or comments on the document should be sent via email to enquiries@auasb.gov.au.