The purpose of this Auditing Standard is to set out mandatory components additional to those included elsewhere in the Australian Auditing Standards that are operative for:

• financial reporting periods commencing on or after 1 January 2010; and
• firms required to establish systems of quality control by 1 January 2010.

Preamble to AUASB Standards applies to all AUASB Standards other than the Australian Auditing Standards referred to in paragraph 5 of this Auditing Standard.