Australian Government
Auditing and Assurance Standards Board
Monday, December 13, 2021
The AUASB has released a new Guidance Statement GS 023 Special Considerations - Public Sector Engagements (GS 023), which provides supplementary application and other explanatory material in relation to issues that at times present challenges applying certain AUASB Standards on public sector audit and assurance engagements. Like all AUASB Guidance Statements, GS023 is to be read and applied together with relevant AUASB Standard(s).
GS 023 has been issued by the AUASB to promote consistent application of AUASB Standards in the public sector and enhance the quality of public sector audits and assurance engagements.
The new Guidance Statement has been developed in consultation with a dedicated AUASB Public Sector Audit Issues Project Advisory Group comprising of assurance practitioners representing all State, Territory and Commonwealth Auditor-Generals’ Offices in Australia.
Additional topic specific guidance material will be developed and incrementally added to the Guidance Statement in response to emerging issues. The current issue of the Guidance Statement includes supplementary guidance on ASA 210 Agreeing the Terms of Audit Engagements. In the near future, the AUASB plans to develop and add further supplementary guidance targeting public sector engagements in the areas of Going Concern and Engagement Leader Responsibilities.