This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide guidance to:

1. auditors (user auditors) of a financial report of an entity (user entity) which uses a third party service organisation to provide investment management services; and
2. auditors (service auditors) of those service organisations, who provide reports on controls or financial information which may be used as audit evidence in the audit of the user entity’s financial report.