Appendix G
Auditing and Assurance Standards Board pronouncements as at 30 June 2006
Foreword and glossary
The following pronouncements were issued by the Auditing and Assurance Standards Board (AUASB).
Title |
Issued |
Foreword to AUASB Pronouncements |
28 April 2006 |
AUASB Glossary |
28 April 2006 |
Auditing Standards — legislative instruments
The Auditing and Assurance Standards Board (AUASB) made the following Auditing Standards, pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001. These Auditing Standards are legislative instruments under the Legislative Instruments Act 2003 and are operative for financial reporting periods commencing on or after 1 July 2006.
No |
Title |
Issued |
ASA 100 |
Preamble to AUASB Standards |
28 April 2006 |
ASA 200 |
Objective and General Principles Governing an Audit of a Financial Report |
28 April 2006 |
ASA 210 |
Terms of Audit Engagements |
28 April 2006 |
ASA 220 |
Quality Control for Audits of Historical Financial Information |
28 April 2006 |
ASA 230 |
Audit Documentation |
28 April 2006 |
ASA 240 |
The Auditor’s Responsibility to Consider Fraud in an Audit of a Financial Report |
28 April 2006 |
ASA 250 |
Consideration of Laws and Regulations in an Audit of a Financial Report |
28 April 2006 |
ASA 260 |
Communication of Audit Matters with Those Charged with Governance |
28 April 2006 |
ASA 300 |
Planning an Audit of a Financial Report |
28 April 2006 |
ASA 315 |
Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement |
28 April 2006 |
ASA 320 |
Materiality and Audit Adjustments |
28 April 2006 |
ASA 330 |
The Auditor’s Procedures in Response to Assessed Risks |
28 April 2006 |
ASA 402 |
Audit Considerations Relating to Entities Using Service Organisations |
28 April 2006 |
ASA 500 |
Audit Evidence |
28 April 2006 |
ASA 501 |
Existence and Valuation of Inventory |
28 April 2006 |
ASA 505 |
External Confirmations |
28 April 2006 |
ASA 508 |
Enquiry Regarding Litigation and Claims |
28 April 2006 |
ASA 510 |
Initial Engagements – Opening Balances |
28 April 2006 |
ASA 520 |
Analytical Procedures |
28 April 2006 |
ASA 530 |
Audit Sampling and Other Means of Testing |
28 April 2006 |
ASA 540 |
Audit of Accounting Estimates |
28 April 2006 |
ASA 545 |
Auditing Fair Value Measurements and Disclosures |
28 April 2006 |
ASA 550 |
Related Parties |
28 April 2006 |
ASA 560 |
Subsequent Events |
28 April 2006 |
ASA 570 |
Going Concern |
28 April 2006 |
ASA 580 |
Management Representations |
28 April 2006 |
ASA 600 |
Using the Work of Another Auditor |
28 April 2006 |
ASA 610 |
Considering the Work of Internal Audit |
28 April 2006 |
ASA 620 |
Using the Work of an Expert |
28 April 2006 |
ASA 700 |
The Auditor’s Report on a General Purpose Financial Report |
28 April 2006 |
ASA 701 |
Modifications to the Auditor’s Report |
28 April 2006 |
ASA 710 |
Comparatives |
28 April 2006 |
ASA 720 |
Other Information in Documents Containing Audited Financial Reports |
28 April 2006 |
ASA 800 |
The Auditor’s Report on Special Purpose Audit Engagements |
28 April 2006 |
ASRE 2410 |
Review of an Interim Financial Report Performed by the Independent Auditor of the Entity |
28 April 2006 |
Auditing Standards — interim legal endorsement
The following Auditing Standards (AUSs), issued by the former Auditing and Assurance Standards Board (AuASB) of the Australian Accounting Research Foundation, were given interim legal endorsement under the Corporations Act 2001 for financial reporting periods ending on and prior to 29 June 2007.
No |
Title |
Issued |
AUS 104 |
Glossary of Terms |
July 2002 |
AUS 202 |
Objective and General Principles Governing an Audit of a Financial Report |
July 2002 (February 2004) |
AUS 204 |
Terms of Audit Engagements |
June 2002 |
AUS 206 |
Quality Control for Audits of Historical Financial Information |
July 2002 (June 2004) |
AUS 208 |
Documentation |
July 2002 |
AUS 210 |
The Auditor's Responsibility to Consider Fraud in an Audit of a Financial Report |
January 2002 (June 2004) |
AUS 212 |
Other Information in Documents Containing Audited Financial Reports |
October 1995 |
AUS 214 |
Auditing in a CIS Environment |
October 1995 |
AUS 218 |
Consideration of Laws and Regulations in an Audit of a Financial Report |
January 2002 |
AUS 302 |
Planning |
October 1995 |
AUS 304 |
Knowledge of the Business |
July 2002 |
AUS 306 |
Materiality and Audit Adjustments |
June 2001 |
AUS 402 |
Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatements |
February 2004 |
AUS 404 |
Audit Implications Relating to Entities Using a Service Entity |
July 2002 |
AUS 406 |
The Auditor's Procedures In Response to Assessed Risks |
February 2004 |
AUS 502 |
Audit Evidence |
October 1995 |
AUS 504 |
External Confirmations |
July 2002 |
AUS 506 |
Existence and Valuation of Inventory |
July 2002 |
AUS 508 |
Inquiry Regarding Litigation and Claims |
July 2002 |
AUS 510 |
Initial Engagements - Opening Balances |
July 2002 |
AUS 512 |
Analytical Procedures |
October 1995 |
AUS 514 |
Audit Sampling and Other Selective Testing Procedures |
April 1998 |
AUS 516 |
Audit of Accounting Estimates |
October 1995 |
AUS 518 |
Related Parties |
July 2002 |
AUS 520 |
Management Representations |
July 2002 |
AUS 522 |
Audit Evidence Implications of Externally Managed Assets of Superannuation, Provident or Similar Funds |
October 1995 |
AUS 524 |
The Auditor's Use of the Work of the Actuary and the Actuary's Use of the Work of the Auditor in Connection with the Preparation and Audit of a Financial Report |
July 2002 |
AUS 526 |
Auditing Fair Value Measurements and Disclosures |
September 2002 |
AUS 602 |
Using the Work of Another Auditor |
July 2002 |
AUS 604 |
Considering Work of Internal Auditing |
October 1995 |
AUS 606 |
Using the Work of an Expert |
July 2002 |
AUS 702 |
The Audit Report on a General Purpose Financial Report |
March 2002 |
AUS 704 |
Comparatives |
July 2002 |
AUS 706 |
Subsequent Events |
October 1995 |
ASU 708 |
Going Concern |
July 2002 |
AUS 710 |
Communication with Management on Matters Arising from an Audit |
May 1999 |
AUS 802 |
Communication with Management on Matters Arising from an Audit |
May 2002 |
AUS 902 |
Review of Financial Reports |
July 2002 |
Auditing Standards — other
The following Auditing Standards (AUSs) issued by the former Auditing and Assurance Standards Board (AuASB) of the Australian Accounting Research Foundation were not part of the Auditing Standards given interim legal endorsement under the Corporations Act 2001. These standards remain in force and will be progressively reviewed by the AUASB over the next three years.
No |
Title |
Issued |
AUS 102 |
Foreword to Australian Auditing and Assurance Standards and Guidance Statements |
January 2002 |
AUS 106 |
Explanatory Framework for Standards on Audit and Audit Related Services |
November 2001 |
AUS 108 |
Framework for Assurance Engagements |
June 2004 |
AUS 110 |
Assurance Engagements other than Audits or Reviews of Historical Financial Information |
June 2004 |
AUS 804 |
The Audit of Prospective Financial Information |
July 2002 |
AUS 806 |
Performance Auditing |
July 2002 |
AUS 808 |
Planning Performance Audits |
October 1995 |
AUS 810 |
Special Purpose Reports on the Effectiveness of Control Procedures |
July 2002 |
AUS 904 |
Engagements to Perform Agreed-upon Procedures |
July 2002 |
Auditing and Assurance Guidance Statements
The following Auditing and Assurance Guidance Statements were issued or re-issued by the Auditing and Assurance Standards Board.
No |
Title |
Issued |
AGS 1038 |
Access to Audit Working Papers |
(February 2006) |
AGS 1046 |
Responding to Questions at an Annual General Meeting |
(October 2005) |
AGS 1068 |
Audit Requirements for Australian Financial Services Licensees under the Corporations Act 2001 |
October 2004 |
The following Auditing and Assurance Guidance Statements were issued by the former Auditing and Assurance Standards Board (AuASB) of the Australian Accounting Research Foundation and continue to remain current. The AUASB will be reviewing these Auditing and Assurance Guidance Statements progressively over the next year.
No |
Title |
Issued |
AGS 1002 |
Bank Confirmation Requests |
October 1995 |
AGS 1004 |
Transitional Arrangements on Changes in Audit Appointments under the Corporations Act 2001 |
July 2002 |
AGS 1006 |
Expression of an Opinion on Internal Control |
October 1995 |
AGS 1008 |
Audit Implications of Prudential Reporting Requirements for Authorised Deposit-taking Institutions (ADIs) |
July 2002 |
AGS 1014 |
Privity Letter Requests |
July 2002 |
AGS 1016 |
Audit and Review Reports on Half-Year Financial Reports of Disclosing Entities Under the Corporations Act 2001 |
October 2003 |
AGS 1024 |
Life Insurance Act 1995 - Audit Obligations |
December 2002 |
AGS 1026 |
Superannuation Funds - Auditor Reports on Externally Managed Assets |
February 1999 |
AGS 1028 |
Uncertainty |
July 1997 |
AGS 1030 |
Auditing Derivative Financial Instruments |
July 2002 |
AGS 1032 |
The Audit Implications of Accounting for Investments in Associates |
July 2002 |
AGS 1036 |
The Consideration of Environmental Matters in the Audit of a Financial Report |
July 2002 |
AGS 1040 |
Franchising Code of Conduct |
November 2002 |
AGS 1042 |
Reporting on Control Procedures at Outsourcing Entities |
July 2002 |
AGS 1044 |
Audit Reports on Information Provided Other than in a Financial Report (May 1999) |
May 1999 |
AGS 1048 |
The Special Considerations in the Audit of Small Entities (March 2004) |
March 2004 |
AGS 1050 |
Audit Issues Relating to the Electronic Presentation of Financial Reports |
July 2002 |
AGS 1052 |
Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes |
July 2002 |
AGS 1054 |
Auditing Revenue of Charitable Entities |
July 2002 |
AGS 1056 |
Electronic Commerce - Effect on the Audit of a Financial Report |
May 2002 |
AGS 1058 |
Auditing Mortgage Investment Schemes |
July 2002 |
AGS 1062 |
Reporting in Connection with Proposed Fundraisings |
August 2002 |
AGS 1064 |
Audit Implications of Prudential Reporting Requirements for General Insurers |
March 2003 |
AGS 1066 |
Reporting by Auditors on Compliance with International Financial Reporting Standards |
July 2003 |
Guidance Note
This Guidance Note was issued by the Auditing and Assurance Standards Board.
Title |
Issued |
Auditor’s Report on AASB 1046 Remuneration Disclosures contained in the Annual Directors’ Report |
August 2005 |
This Guidance Note was issued by the former Auditing and Assurance Standards Board (AuASB) of the Australian Accounting Research Foundation and will continue to provide guidance until such time as it is reviewed by the AUASB.
Title |
Issued |
Improving Communication between Auditors and Shareholders |
July 2003 |
Audit and Assurance Guides
This supplement to Audit Guide No. 4 was issued by the Auditing and Assurance Standards Board.
Title |
Issued |
2005 Supplement to Audit Guide No.4 The Audit of Superannuation Funds |
October 2005 |
This Audit and Assurance Guide was issued by the former Auditing and Assurance Standards Board (AuASB) of the Australian Accounting Research Foundation and continues to provide guidance until such time as it is withdrawn.
No |
Title |
Issued |
Audit Guide No. 4 |
The Audit of Superannuation Funds |
2004 edition current as at 15 June 2004 |
Audit and Assurance Alerts
This Audit and Assurance Alert was issued by the Auditing and Assurance Standards Board.
No |
Title |
Issued |
AAA 14 |
The Implications for Auditors on the Transition to Australian equivalents to IFRS |
October 2004 |
These Audit and Assurance Alerts were issued by the former Auditing and Assurance Standards Board (AuASB) of the Australian Accounting Research Foundation and will remain until such time as they are withdrawn.
No |
Title |
Issued |
AAA 10 |
Earnings Management by Entities: Audit Considerations And Issues |
November 2001 |
AAA 11 |
Communicating with Entities in Relation to Auditor Independence |
May 2002 |
AAA 12 |
The Implications for Auditors of the Private Sector Amendments to the Privacy Act |
August 2002 |
AAA 13 |
The Implications of the U.S. Sarbanes-Oxley Act 2002 (US) for Auditors and Their Clients |
September 2002 |