The guidance in this Guidance Statement is to be read in conjunction with that contained in GS 013 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes for audits of mortgage schemes’ compliance plans undertaken pursuant to section 601HG of the Act.

Auditors of mortgage schemes are required to adhere to the mandatory requirements contained in Auditing Standards (ASAs) when undertaking financial report audits and the requirements contained in Standards on Assurance Engagements (ASAEs) when undertaking audits of compliance plans. This Guidance Statement has been developed to clarify auditors’ responsibilities in respect of such engagements, and to provide guidance to the auditors on additional considerations which may be taken into account when undertaking financial report and compliance plan audits of mortgage schemes.

It is important to note that this Guidance Statement does not impose any responsibilities on the auditor beyond those which are imposed by ASAs, ASAEs and the requirements of the Act. The provisions of the Act in this area are supported by ASIC Regulatory Guide 144 Mortgage investment schemes (RG 144), Regulatory Guide 45 Mortgage schemes - improving disclosure for retail investors (RG 45) and other ASIC regulatory guides, including those applicable to managed investment schemes, as well as modifications to the Act made by individual orders or class orders issued by ASIC.