Home > Reports > FRC, AASB & AAUSB Annual Report 2007-2008 - Appendix H

Appendix H

Auditing and Assurance Standards Board pronouncements as at 30 June 2008

Foreword, glossary and framework

The following pronouncements have been issued by the Auditing and Assurance Standards Board (AUASB).

Title	Issued
Foreword to AUASB pronouncements	28 April 2006
AUASB glossary	28 April 2006
Framework for assurance engagements	27 June 2007

Auditing Standards — issued as legislative instruments

The AUASB has made the following Auditing Standards (ASAs), 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.

Number	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 Reissued 9 October 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
ASA 2007-1	Amendments to Australian Auditing Standards	27 June 2007

Compiled auditing standards

Following the issue of ASA 2007-1 Amendments to Australian Auditing Standards, the AUASB has prepared the following compiled versions of affected Auditing Standards. These compiled versions incorporate the amendments contained in ASA 2007-1 and are applicable for auditors' reports signed on or after 1 July 2007.

Number	Title	Issued
Compiled ASA 200	Objective and General Principles Governing an Audit of a Financial Report	27 June 2007
Compiled ASA 210	Terms of Audit Engagements	27 June 2007
Compiled ASA 510	Initial Engagements — Opening Balances	27 June 2007
Compiled ASA 570	Going Concerns	27 June 2007
Compiled ASA700	The Auditor's Report on a General Purpose Financial Report	27 June 2007
Compiled ASA 701	Modifications to the Auditor's Report	27 June 2007
Compiled ASA 710	Comparatives	27 June 2007
Compiled ASA 800	The Auditor's Report on Special Purpose Audit Engagements	27 June 2007
Compiled ASRE 2410	Review of an Interim Financial Report Performed by the Independent Auditor of the Entity	27 June 2007

Standards on Assurance Engagements

The following Standards on Assurance Engagements were issued by the Auditing and Assurance Standards Board.

Number	Title	Issued
ASAE 3000	Assurance Engagements Other than Audits or Reviews of Historical Financial Information	9 July 2007
ASAE 3100	Compliance Engagements	27 June 2008

Explanatory Guide to Review Engagements

The following Explanatory Guide to Review Engagements was issued by the Auditing and Assurance Standards Board.

Title	Issued
Explanatory Guide to Review Engagements	April 2008

Auditing Standards — for reporting periods ending on or prior to 29 June 2007

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.

The ongoing status of these Auditing Standards is to be determined by the AUASB in 2008-09.

Number	Title	Issued (Reissued)
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 Reissued as GS 007, October 2007
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 Reissued as GS 005, October 2007
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	Comparatives	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.

The formal status of these Auditing Standards is to be determined by the AUASB.

Number	Title	Issued (Reissued)
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 Reissued as GS 007, October 2007
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 reissued by the Auditing and Assurance Standards Board.

Number	Title	Issued (Reissued)
Addendum to AGS 1064	Audit Implications of Prudential reporting Requirements for General Insurers	October 2006 Reissued as GS 004 October 2007
AGS 1070	Special Considerations in the Audit of Risk Management Requirements for Registrable Entities and Licensees	July 2006
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
GS 001	Concise Financial Reports	July 2007
GS 002	Special Considerations in the Audit of Risk Management Requirements for Registrable Superannuation Entities and Licensees	July 2007
GS 003	Audit and Review Requirements for Australian Financial Services Licensees under the Corporations Act 2001	October 2007
GS 004	Audit Implications of Prudential Reporting Requirements for General Insurers	October 2007
GS 005	Using the Work of an Actuary	October 2007
GS 006	Electronic Publication of the Auditor's Report	December 2007
GS 007	Audit Implications of the Use of Service Organisations for Investment Management Services	March 2008
GS 008	The Auditor's Report on a Remuneration Report Pursuant to section 300A of the Corporations Act 2001	June 2008

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 remain current. The AUASB is progressively reviewing these Auditing and Assurance Guidance Statements.

Auditing and Assurance Guidance Statements (continued)

Number	Title	Issued (Re-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 Withdrawn 14 April 2008
AGS 1028	Uncertainty	July 1997 Withdrawn 30 June 2007
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 Amended April 2008
AGS 1044	Audit Reports on Information Provided Other than in a Financial Report (May 1999)	May 1999 Withdrawn 30 June 2007
AGS 1048	The Special Considerations in the Audit of Small Entities (March 2004)	March 2004 Withdrawn 14 April 2008
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 Withdrawn 14 April 2008
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 Reissued as GS 007 October 2007
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 124 Remuneration Disclosures contained in the Annual Directors' Report	August 2006 Reissued as GS 008 June 2008

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.

Number	Title	Issued
Audit Guide No. 4	The Audit of Superannuation Funds	2004 edition current as at 15 June 2004

Bulletins

The following Bulletin was issued by the Auditing and Assurance Standards Board.

Title	Issued
Auditing Small and Medium Sized Entities (SMEs)	September 2007

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