Tuesday, May 10, 2022
The AUASB has issued for public comment Exposure Draft ED 01/22 Proposed Conforming and Consequential Amendments to the Australian-Specific AUASB Standards as a result of the New and Revised Quality Management Standards. The closing date for public comment is 10 June 2022.
The AUASB is issuing this exposure draft (ED 01/22) covering the necessary conforming and consequential amendments to address inconsistencies between the Australian-specific AUASB Standards with the new and revised QM standards. The purpose of making the amendments is to align various other AUASB standards with the new QM standards and to ensure that the Australian-specific AUASB Standards can continue to be applied together with the QM standards. The ED 01/22 also includes updating the references to ASA 315 Identifying and Assessing the Risks of Material Misstatement and ASRS 4400 Agreed-Upon Procedures Engagements.
The Australian-specific AUASB Standards comprise some of the Standards on Review Engagements (ASREs) and Standards on Assurance Engagements (ASAEs) which are either not issued internationally or which are not being updated internationally.