Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

36 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 260 Communication of Audit Matters with Those Charged With Governance, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main differences between this Auditing Standard and ISA 260 are:

• This Auditing Standard includes the following specific mandatory requirements and related explanatory guidance paragraphs that are not in ISA 260:

♦ When the audit is conducted under Part 2M.3 of the Corporations Act 2001, the auditor shall communicate directly with those charged with governance:

○ a statement that the engagement team and others in the firm as appropriate, the firm and, when applicable, network firms are independent in accordance with relevant ethical requirements and any additional external requirements that apply to the engagement; and

○ (i) all relationships and other matters on auditor independence, as specified in Parts 2M.3 and 2M.4 of the Corporations Act 2001, which are required to be disclosed by the auditor; and

(ii) the related safeguards that have been applied to eliminate threats to independence or reduce them to an acceptable level (paragraph 20).

♦ If the auditor is concerned that a written report intended for those charged with governance has not been, or may not be distributed to all members of that group, the auditor should implement an approach whereby all members are appropriately informed of the contents of the report (paragraph 28).

• This Auditing Standard contains references to the audit reporting requirements of the Corporations Act 2001, whereas ISA 260 does not.
• This Auditing Standard contains explanatory guidance on differential requirements in the public sector, whereas ISA 260 includes a section on Public Sector Perspective (paragraph 35).

Compliance with this Auditing Standard enables compliance with ISA 260.