Tuesday, December 20, 2022
High quality auditing standards which can be consistently applied are an important foundation supporting audit quality. ASIC regulates compliance with our auditing standards.
The AUASB engages with ASIC and closely monitors the results of ASIC’s audit inspections to identify areas where our current auditing standards could more effectively contribute to enhanced audit quality, or where guidance is required to assist with consistent interpretation and application.
This AUASB provides an update on our previously issued Supporting Auditors in Enhancing Audit Quality December 2021, in response to the recently issued Audit Inspection Report 30 June 2022 and ASIC’s Focus Areas for December 2022.
This Bulletin refers to previously issued standards and guidance which are still relevant, as well as revised standards which become effective for the December 2022 reporting period and recently issued guidance.