Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

30 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 210 Terms of Audit Engagements, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main differences between this Auditing Standard and ISA 210 are:

• This Auditing Standard contains mandatory requirements for the auditor to record the agreed terms of the audit engagement in writing and forward them to the entity (paragraphs 5, 18 and 25). ISA 210 does not require the terms of the audit engagement to be recorded in writing.
• This Auditing Standard contains a mandatory requirement that where the audit is undertaken pursuant to legislation, the minimum applicable terms in an engagement letter are those contained in the legislation whereas ISA 210 does not (paragraph 5).
• This Auditing Standard contains explanatory guidance on documenting certain matters in the engagement letter relating to auditor independence where the engagement is conducted pursuant to Part 2M.3 of the Corporations Act 2001 (paragraphs 13 and 14). ISA 210 does not require the auditor to document certain matters in the engagement letter relating to auditor independence.
• This Auditing Standard provides explanatory guidance relating to circumstances where the auditor of a parent entity is also the auditor of its component and elects to send one engagement letter relating to a group as a whole (the audit of components), whereas ISA 210 does not (paragraphs 15 and 16).
• The example engagement letter in Appendix 1 of this Auditing Standard includes matters relating to auditor independence and the presentation of the financial report on the internet, whereas ISA 210 does not.
• This Auditing Standard does not include a separate section on the public sector as it is sector neutral. ISA 210 includes a Public Sector Perspective section.

Compliance with this Auditing Standard enables compliance with ISA 210.