Exposure Draft ED 02/22 Proposed Conforming and Consequential Amendments to the other AUASB Standards to align to the IAASB Other Standards

Thursday, June 23, 2022

The AUASB has issued for public comment Exposure Draft ED 02/22 Proposed Conforming and Consequential Amendments to the other AUASB Standards to align to the IAASB Other Standards. The closing date for public comment is 22 August 2022.

The AUASB is seeking feedback from stakeholders on proposed conforming and consequential amendments to the other AUASB Standards to align their terminology with that used in the IAASB’s other standards.  This will ensure that:

• The AUASB’s Assurance Standards are more easily applied by Assurance Practitioners who are not members of the Australian professional accounting bodies; and
• Instead of being bound to the APESB Code of Ethics and the AUASB Quality Management Standards, assurance practitioners may apply a different quality management framework and/or other ethical codes where appropriate, but only if they are at least as demanding as the requirements in the AUASB’s and APESB’s frameworks (as required by ASQM 1 and ASA 102).

The purpose of making the amendments is solely to align the terminology with IAASB other standards. As such, the proposed amendments have a narrow scope and do not involve re-consideration of the objectives, requirements, and application material of the other AUASB Standards, in their own right.