Australian Government
Auditing and Assurance Standards Board
Friday, December 2, 2022
The AUASB undertakes a formal Agenda Consultation process with stakeholders at least once every five years to obtain timely feedback on current and emerging auditing and assurance issues. Comments on this process were requested by July 2022.
In response to all comments received from stakeholders on this latest Agenda Consultation process the AUASB worked through all submissions received and outreach comments that were received at its September 2022 meeting. A summary of the feedback and the AUASB’s conclusions from the Agenda Consultation process has now been released in a Feedback Statement that documents the implications for AUASB’s future priorities and current Technical Work Program.
As outlined in the AUASB’s Due Process Framework for Developing, Issuing and Maintaining AUASB Pronouncements and Other Publications the AUASB undertakes a formal agenda consultation process with stakeholders at least once every five years. This process complements the AUASB’s regular consultations with stakeholders to obtain timely feedback on current and emerging auditing and assurance issues, and helps the Board fulfil its strategic objectives, particularly allocating its limited resources appropriately to address the highest priority topics identified by its stakeholders.
The AUASB uses, as appropriate, the standards of the International Auditing and Assurance Standards Board (IAASB) as a base from which to develop Australian Auditing and Assurance Standards. Nonetheless, a local agenda consultation process is necessary to identify Australian auditing and assurance issues not covered by the IAASB that the AUASB could address. The AUASB’s previous local agenda consultation was undertaken in late 2017.
In May 2022, the AUASB issued a Consultation Paper on the AUASB Agenda Consultation 2022-23 for comment by 29 July 2022. The objective of the Consultation Paper was to gather views from Australian stakeholders on the projects the AUASB should address in the next few years and to identify other emerging Australian auditing and assurance issues the AUASB should include in its future Work Programs.
At the September 2022 AUASB Meeting the AUASB reviewed all responses to the Agenda Consultation process, included feedback provided by stakeholders at a number of roundtable sessions held in person and online in June and July 2022.
The AUASB Agenda Consultation Feedback Statement available on the AUASB Website here summarises all the feedback received on the AUASB Agenda Consultation and the AUASB's decisions to address this feedback through its current and future priorities and technical work program.
For any queries about the Agenda Consultation process or the Agenda Consultation Feedback Statement please contact the Office of the AUASB at [email protected].