The auditor of a managed investment scheme compliance plan is required to adhere to the requirements contained in the Standards on Assurance Engagements, including ASAE 3100 Compliance Engagements. The AUASB recognises that the audit of compliance plans may give rise to a number of special audit considerations. Accordingly, this Guidance Statement has been developed to clarify the auditor’s responsibilities on such engagements, and to provide guidance to the auditor on additional factors which the auditor may consider when planning, conducting and reporting on the audit of a scheme’s compliance plan.


It is important to note that this Guidance Statement does not impose any responsibilities on the auditor of a managed investment scheme compliance plan beyond those which are imposed by Standards on Assurance Engagements and the requirements of the Act. Nonetheless, the provisions of the Act in this area may be augmented by Regulatory Guides (RGs) and any modifications to the Act effected by individual orders or class orders issued by the Australian Securities and Investments Commission (ASIC).