Auditing Standards Made Under Section 33Auditing Standards Made Under Section 336 of the Corporations Act 2001

Auditing Standards Made Under Section 336 of the Corporations Act 2001

1. This Preamble to AUASB Standards is written in the context of the Auditing Standards issued pursuant to section 336 of the Act, and is relevant to understanding and applying AUASB Standards issued for other purposes.
2. The initial Auditing Standards, issued as legislative instruments, are operative for audits and reviews pertaining to financial reporting periods commencing on or after 1 July 2006.
3. In fulfilling its standard-setting function, the AUASB develops Auditing Standards that have a clear public interest focus and are of a high quality. Wherever possible, the AUASB uses, as appropriate, International Standards on Auditing (ISA) as a base from which to develop Auditing Standards. The Auditing Standards are designed to strengthen confidence in the assurance provided by an audit or review.
4. The AUASB has adopted certain drafting principles (see below) in making Auditing Standards under the Australian regulatory environment, wherein the Auditing Standards are legally enforceable and registered as legislative instruments under the Legislation Act 2003.