The Auditing and Assurance Standards Board (AUASB) is an independent, non-corporate Commonwealth entity of the Australian Government, responsible for developing, issuing and maintaining auditing and assurance standards.
High quality AUASB standards made in the public interest are key contributors to the quality of audits, reviews and other assurance engagements. This enhances the confidence of users in financial reports, information in sustainability reports and other information.
The Corporations Act 2001 requires compliance with AUASB standards in the conduct of audits and reviews of financial reports (ASAs, ASRE 2410 and ASRE 2415) and assurance engagements over information in sustainability reports (ASSA 5000).
Alignment of auditing, review and other assurance standards across borders is important to capital flows and the cost of capital. The AUASB contributes to the development of high quality international standards by the International Auditing and Assurance Standards Board, which are the basis for AUASB standards.
AUASB Vision
AUASB Mission
How Board Members Are Appointed
The appointment of members of the AUASB is governed by section 236FA of the ASIC Act. Under these provisions:
The AUASB normally has 12 members (including the Chair). Staff located mainly in Melbourne provide technical and administrative support to the AUASB.
Members of the AUASB are appointed on a part-time basis (except the Chair who is full-time) for terms of either two or three years.
Members are appointed on merit, have a good technical knowledge of auditing and accounting and come from a variety of backgrounds including as audit practitioners, investors, non-executive directors with audit committee experience, preparers of financial reports for large corporates and audit/accounting academics. As well as technical expertise, members will have a broad policy perspective, and a full understanding of the practical business or government environments in which auditing standards are applied. Members will also bring a keen public interest perspective to the Board. Appointments will aim to balance public and private sector expertise and also take gender considerations into account.
Board positions involve a significant time commitment. The AUASB typically holds 7 or 8 meetings a year, comprising a mix of single day and two day meetings. Four or five meetings are typically held in person (usually in Melbourne, although meetings may occasionally be in another capital city). Other meetings are typically held virtually. Out of session work to finalise minor issues, involvement in Project Advisory Panels or subcommittees and attendance at related meetings is also expected.
The remuneration of members is determined by the Remuneration Tribunal (see Remuneration Tribunal (Remuneration and Allowances for Holders of Part time Public Office) Determination 2024).
Click here to view a diagram of the AASB-AUASB Organisational Structure as at 1 July 2024.