Other Important Elements of AUASB StandaOther Important Elements of AUASB Standards

Other Important Elements of AUASB Standards

1. In addition to mandatory requirements (see paragraphs 10 to 14 above), and explanatory guidance (see paragraphs 15 to 17 above), each AUASB Standard contains the following elements that impact on its application:

Authority Statement

1. The purposes of the Authority Statement[3] are to:
   1. link the issuance of each individual AUASB Standard to the mandating legislation;
   2. identify the paragraphs that comprise the AUASB Standard;
   3. set out the requirement to read the AUASB Standard in conjunction with this Preamble; and
   4. identify the mandatory requirements of the AUASB Standard.

Application Paragraphs

1. Each AUASB Standard contains application paragraphs that, in part or in whole, form part of the mandatory requirements.
2. The application paragraphs identify the scope of the AUASB Standard.
3. Auditing Standards made under section 336 of the Act[4] contain mandatory application paragraphs relating to:
   1. an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with Part 2M.3 of the Corporations Act 2001; and
   2. an audit of a financial report for any other purpose.
4. When an Auditing Standard is used for the audit of financial information that is not in the form of a financial report, the application paragraph in that Auditing Standard is excluded from the mandatory requirements.
5. Although the Auditing Standards are written mainly in the context of an external audit of a financial report,[5] they apply also, adapted as necessary, to the audit of other financial information.

Operative Date

1. The operative date stipulates the date from which the AUASB Standard is to be applied. The operative date is stated in relation to the commencement date of the financial reporting period. The requirements of an AUASB Standard remain in force until:
   1. the operative date of any amendment to those requirements;
   2. in relevant circumstances, the early adoption of such amendment; or
   3. the AUASB Standard is withdrawn by the AUASB.
2. When early adoption of an AUASB Standard is allowed, a statement to that effect is included in the operative date paragraph of the AUASB Standard.

Definitions

1. Definitions, contained within AUASB Standards, and/or contained within the AUASB Glossary, as issued from time to time, are to be applied in the interpretation of AUASB Standards.