73Conduct of audits

73 Conduct of audits

73 Conduct of audits

(1) An audit under this part must be conducted in accordance with—

(a) the Australian Auditing Standards, and

(b) the equivalent international standards.

(2) In conducting an audit, the auditor must, without limitation, assess the following—

(a) the extent to which the audit subject, in exercising functions and complying with obligations under the Act, is acting efficiently, effectively and economically,

(b) the exercise of the audit subject’s functions under the Act,

(c) compliance with the audit subject’s obligations under the Act.

(3) The auditor must notify the Minister before commencing an audit.

(4) If there is a conflict or inconsistency between a provision of the Australian Auditing Standards and a provision of an equivalent international standard, the provision of the Australian Auditing Standards prevails to the extent of the conflict or inconsistency.

(5) In this clause—

Australian Auditing Standards means the Australian Auditing Standards issued by the Auditing and Assurances Standards Board from time to time.

international standards means the international standards on auditing issued by the International Auditing and Assurance Standards Board.

cl 73: Ins 2023 (601), Sch 1[2].