Australian Government
Auditing and Assurance Standards Board
Thursday, April 1, 2021
The AUASB seeks public comment by 14 May 2021 on 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 International Auditing and Assurance Standards Board (IAASB) has issued for public comment an exposure draft (ED) on proposed conforming and consequential amendments to the IAASB’s Other Assurance Standards and the International Framework of Assurance Engagements (Framework) in response to the new and revised Quality Management (QM) standards. Consequently, the AUASB issued ED 01/21 which represents the Australian exposure of Proposed Conforming and Consequential Amendments to the other AUASB Standards as a result of the New and Revised Quality Management Standards.
The IAASB’s Exposure Draft includes an Explanatory Memorandum (EM) and is provided as an attachment to the ED 01/21. The IAASB’s ED aligns the IAASB’s standards related to review, assurance and related services, as well as its framework, with the quality management standards through conforming amendments.