Ethical Requirements and Quality Control


ASAE 3000 requires the assurance practitioner to comply with fundamental ethical principles when conducting an assurance engagement and ASRS 4400[53] requires the assurance practitioner to comply with ethical requirements equivalent to those applicable to “Other Assurance Engagements”. The relevant ethical requirements to which those standards refer are identified in ASA 102,[54] which applies to all assurance engagements, and are consistent with the Independence and Conduct Declaration[55] which the assurance practitioner is required to sign when conducting engagements under the NGER Audit Determination.


Australian Standard on Quality Control 1 (ASQC 1)[56] requires the firm or company from which the engagement team derives to maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. ASQC 1 applies to all firms of assurance practitioners conducting assurance engagements in accordance with the AUASB standards. The relevant firm would be the one to which the engagement team leader belongs.


See ASRS 4400, paragraph 17.


See ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.


See NGER Audit Determination, section 2.4.


ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements.