For the purposes of this Auditing Standard, the following terms have the meanings attributed below:
Engagement partner – The partner or other individual, appointed by the firm, who is responsible for the audit engagement and its performance, and for the auditor’s report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body.
Engagement quality review – An objective evaluation of the significant judgements made by the engagement team and the conclusions reached thereon, performed by the engagement quality reviewer and completed on or before the date of the engagement report.
Engagement quality reviewer – A partner, other individual in the firm, or an external individual, appointed by the firm to perform the engagement quality review.
Network – A larger structure: (Ref: Para. A27)
- That is aimed at cooperation, and
- That is clearly aimed at profit or cost-sharing or shares common ownership, control or management, common quality management policies or procedures, common business strategy, the use of a common brand name, or a significant part of professional resources.
Partner – Any individual with authority to bind the firm with respect to the performance of an audit, review, other assurance engagement or related services engagement.
Personnel – Partners and staff in the firm
Australian Auditing Standards means the suite of auditing standards issued by the AUASB, comprising:
- Auditing Standards made under section 336 of the Corporations Act 2001;
- ASA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and
- ASA 810 Engagements to Report on Summary Financial Statements.
Relevant ethical requirements means relevant ethical requirements as defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
Response (in relation to a system of quality management) – Policies or procedures designed and implemented by the firm to address one or more quality risk(s):
- Policies are statements of what should, or should not, be done to address a quality risk(s). Such statements may be documented, explicitly stated in communications or implied through actions and decisions.
- Procedures are actions to implement policies.
Staff – Professionals, other than partners, including any experts the firm employs.
“Engagement partner,” “partner,” and “firm” is to be read as referring to their public sector equivalents where relevant
See ASA 620 Using the Work of an Auditor’s Expert, paragraph 6(a), defines the term “auditor’s expert”.
[Footnote deleted by the AUASB.]