Section Standards issued by the AUASB (Ref: Para - Auditing Standard ASA 101 Preamble to AUASB Standards - Standards issued by the AUASB (Ref: Para. A3-A25)

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

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The AUASB derives its functions and powers under section 227B of the Australian Securities and Investments Commission Act 2001. The AUASB:

(a) makes Auditing Standards under section 336 of the Corporations Act for the purposes of the corporations legislation;[2] and

(b) formulates auditing and assurance standards for other purposes.[3]

‘Auditing and assurance standards for 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);
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.

The AUASB issues the following types of standards (AUASB Standards) pursuant to its mandate under section 227B of the ASIC Act:

(a) Australian Standards on Quality Management (ASQMs);[4]

(b) Australian Auditing Standards (ASAs);[5]

(d) Standards on Assurance Engagements (ASAEs); and

(e) Standards on Related Services (ASRSs).

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.