Standards issued by the AUASB (Ref: ParaStandards issued by the AUASB (Ref: Para. A3-A25)

Standards issued by the AUASB (Ref: Para. A3-A25)

1. The AUASB derives its functions and powers under section 227B of the Australian Securities and Investments Commission Act 2001. The AUASB:
   1. makes Auditing Standards under section 336 of the Corporations Act 2001 (the Act) for the purposes of the corporations legislation;[2] and
   2. formulates auditing and assurance standards for sustainability and other purposes.[3]
2. ‘Auditing and assurance standards for sustainability and other purposes’ consists of standards that are designed for subject-specific areas. They include, for example, assurance engagements that relate to:

• reviews (other than a review by the independent auditor of the entity, of interim financial information, including interim financial reports, prepared for other purposes);
• sustainability information reported voluntarily or not subject to mandatory assurance under the Act;
• evaluating the efficiency and/or effectiveness of an entity’s activities;
• information other than historical financial information;
• prospective financial information; and
• the effectiveness of internal controls.

1. The AUASB issues the following types of standards (AUASB Standards) pursuant to its mandate under section 227B of the ASIC Act:
   1. Australian Standards on Quality Management (ASQMs);[4]
   2. Australian Auditing Standards (ASAs);[5]
   3. Australian Standards on Review Engagements (ASREs);[6]
   4. Australian Standards on Sustainability Assurance (ASSAs);
   5. Australian Standards on Assurance Engagements (ASAEs); and
   6. Australian Standards on Related Services (ASRSs).
2. AUASB Standards do not address all the responsibilities of the assurance practitioner[7] that may exist in legislation, regulation or otherwise in connection with engagements that fall within the scope of AUASB Standards.