AUASB Newsletter

Content:

Technology Update
Sustainability Assurance Update
AUASB Consultations on:
- Proposed IAASB Standard on Auditing ISA 500 (Revised) Audit Evidence
- Should KAMs be Extended Beyond Listed Entities?
- IAASB’s Proposed Part 10 ISA for LCE Group Audits
- IAASB’s Proposed Strategy and Work Plan
Supporting Auditors in Enhancing Audit Quality
Perceptions of Audit Quality by Audit Committee Chairs in Australia
AASB-AUASB Joint Research Report on Climate-Related Disclosures and Assurance in the Annual Reports of ASX Listed Companies
Revised standards have been issued as a result of Quality Management Standards and other pronouncements
IAASB Guidance to assist auditors on IAS changes
AUASB Agenda Consultation Feedback Statement
Former AUASB chair Merran Kelsall appointed as an Officer of the Order of Australia.

Content:

FRC Appoints Board Members to AUASB
AUASB Board Chair Response to ASIC Reports
AUASB Sustainability Assurance Update – October 2022
AUASB Research Report No. 8: ANCAAR - AUASB Research and Regulation Workshop
Audit Committees supporting Audit Quality
New AUASB Bulletin - Evaluating the Reliability of Data obtained for Use in Audit Technology Tools
Are you ready for ASA 315?
IAASB Publication on Reporting Going Concern Matters in the Auditor's Report
Revised GS 003 Assurance Relating to Australian Financial Services Licenses issued under the Corporations Act 2001
AUASB welcomes IOSCO statement of support for IAASB development of Sustainability Assurance standards
Development of simplified accounting requirements for smaller not-for-profit private sector entities

Content:

AUASB Bulletin: Auditor’s considerations in times of changing and uncertain economic conditions
AUASB Agenda Consultation Roundtables
AUASB Bulletin: ASA 315 and the Auditor’s Responsibilities for General IT Controls
AUASB issues Further Guidance to support Public Sector Auditors in applying ASA 570 Going Concern
Revised GS 016 Bank Confirmation Requests
Exposure Draft ED 02/22 Proposed Conforming and Consequential Amendments to the other AUASB Standards to align to the IAASB Other Standards
Feedback Statement - Post Implementation Review – ASAE 3100 Compliance Engagements

The June 2022 AUASB Newsletter is now available. This newsletter covers the major recent publications and developments from the AUASB.

The newsletter covers items such as:

Highlights from the AUASB’s April meeting
AUASB Agenda Consultation
AASB Roundtables on ED 321 Request for Comment on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures
The revised Group Audit Standard – ASA 600 - released by the AUASB
New AUASB Bulletin Quality Management Standards – Enhancing Audit Quality
Request for Comments on AUASB Exposure Draft Aligning Existing Australian-Specific AUASB Standards with New, Revised Quality Management Standards
AUASB Research Report 7: A Literature Review on the Reporting and Assurance of Climate Related and Other Non-Financial Information
IAASB Issues Non-Authoritative Guidance on Fraud in an Audit of Financial Statements

Content:

Highlights from the AUASB’s March meeting
ESG / Sustainability Reporting and Assurance developments
Post Implementation Review – ASAE 3100 Compliance Engagements
Webinar on the reissue of APES 320 as a quality management standard specific to non-assurance services provided by Firms
Modernising GS 016 Bank Confirmation Requests
Audit considerations on the removal of special purpose financial statements; and
Proposed IAASB Standard for Less Complex Audits not supported by AUASB in its current form

Content:

Highlights from the AUASB’s November/December meeting
Release of the AASB and AUASB Joint Staff Article Globally consistent reporting for sustainability-related information: Australian perspectives
Release of New Guidance targeting Public Sector Audit and Assurance Engagements
ASIC’s Audit inspection report and AUASB Bulletin on Supporting Auditors in Enhancing Audit Quality
Release of Implementation support materials for ASA 315 Identifying and Assessing the Risks of Material Misstatement
AUASB Quality Management Awareness Guides
Appointment of AUASB Chair to the International Auditing and Assurance Standards Board
AUASB Board Member Changes

September 2021 Update

Content:

Highlights from the AUASB’s September meeting
Release of the AUASB Consultation Paper for Audits of Less Complex Entities
The introductory video to the new and revised AUASB Quality Management Standards
The AUASB bulletin on the integrity of data obtained for the purpose of an audit of a financial report
The AUASB bulletin on Extended External Reporting (EER) Assurance Guidance in Australia
The newly updated and reissued GS 010 Responding to Questions at an Annual General Meeting
The newly issued revised AUASB standards and pronouncements following the September meeting
Information on how to provide feedback on the AUASB’s digital standards portal

Content:

Highlights from the AUASB’s June meeting
Release of the new AUASB Digital Standards Portal
Request for Comments on AUASB Exposure Draft 03/21 Proposed Auditing Standard ASA 2021-2 Amendments to Australian Auditing Standard ASA 560 Subsequent Events
Request for Comments on AUASB Exposure Draft ED 02/21 Proposed Auditing Standard ASA 101 Preamble to AUASB Standards
Guidance on planning and conducting the audit for the upcoming June reporting season

Content:

Highlights from the AUASB’s April meeting
AUASB Bulletin Audit Considerations on the removal of special purpose financial statements for certain for-profit private sector entities
Newly released AUASB Bulletin on The Consideration of Cyber Security Risks in an Audit of a Financial Report
AUASB Staff Guide for Prescribing Assurance and Related Services
AUASB 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 IAASB’s Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements
The IAASB’s Public Report detailing its progress to support the public interest between July 2019 and December 2020

Content

Highlights from the AUASB’s March meeting
The AUASB’s newly released revised Quality Management Standards ASQM 1, ASQM 2 and ASA 220
Implementation support materials on ASA 540 Auditing Accounting Estimates and Related Disclosures
The AUASB’s 2nd report on Audit Quality in Australia: The Perspective of Audit Committee Chairs
The revised version of the Foreword to AUASB Pronouncements
The AUASB submission on the IAASB’s Fraud and Going Concern in an Audit of Financial Statements Discussion Paper
Details on Acting AUASB Chair Bill Edge’s admission into the Australian Accounting Hall of Fame
An international update featuring recent matters concerning the IAASB, IFIAR, IFAC and UK Government