AUASB Strategic Directions Paper
Matters for consideration
The FRC, in consultation with the AUASB, is considering the following matters concerning a proposed strategic direction for the AUASB:
- Should the objective of having the highest quality auditing standards take precedence over an objective of having minimal divergence from ISA, particularly given the role of auditing standards in the broader governance framework and the need to ensure standards have regard to the public interest?
- Should the AUASB follow the approach of its predecessor and continue to use ISA as a basis for developing and making Australian auditing standards?
- Does the ‘clarity of standards’ project undertaken by the IAASB impose any time constraints on the ability of Australia using current ISA as a basis for developing and making auditing standards?
- Should the AUASB have regard to, or even adopt, auditing standards made by standard setters other than the IAASB – such as the US PCAOB – when developing and making best practice auditing standards for Australia?
- Are there any problems posed by adopting rules-based standards within a predominant principles-based standards regime and how should these be best addressed?
Invitation to comment
The FRC is seeking comments on the ‘matters for consideration’ contained in this paper and the detailed proposals in the strategic directions paper. Comments should be provided to:
Mr Jorge del Busto
Secretary Financial Reporting Council
c/- The Commonwealth Treasury
Langton Crescent
PARKES ACT 2600
or sent by e-mail to jdelbusto@treasury.gov.au
by no later than Monday, 15 November 2004.
It will be assumed that submissions are not confidential and may be made publicly available. If you want your submission, or any part of it, to be treated as ‘confidential’, please indicate this clearly. A request made under the Freedom of Information Act 1982 (Cth) for a submission to be made available will be determined in accordance with the Act.
Download Paper
Strategic Direction of Auditing and Assurance Standards Board (PDF 196KB)
Comments
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| Australasian Council of Auditor Generals | |
| Australian Institute of Company Directors | |
| Australian Prudential Regulatory Authority | Confidential |
| Australian Securities and Investments Commission (submission authorised for publication on 6 December 2004) | |
| Australian Securities and Investments Commission (supplementary submission) | |
| Australian Shareholders Association | |
| CPA Australia | |
| Deloitte | |
| Ernst & Young | |
| Grant Thornton | |
| Group of 100 | |
| Houghton, KA | |
| Institute of Chartered Accountants in Australia | |
| The Institute of Internal Auditors Australia | |
| International Federation of Accountants | |
| KPMG | |
| National Institute of Accountants | |
| Pitcher Partners | |
| PKF Australia Ltd | |
| PriceWaterhouseCoopers | |
| RSM Bird Cameron | |
| Securities Institute of Australia | |
| Swindells, D K | |
| Turnbull, Shann (PhD) |