For the purposes of this Auditing Standard, the following terms have the meanings attributed below:
AUASB Standards means standards issued by the AUASB, comprising:
- Australian Auditing Standards (ASAs) – as defined in paragraph 10(c);
- Standards on Review Engagements (ASREs);
- Standards on Assurance Engagements (ASAEs); and
- Standards on Related Services (ASRSs).
Australian Auditing Standards (ASAs) means the suite of auditing standards issued by the AUASB, comprising:
- Auditing Standards made under section 336 of the Corporations Act – as defined in paragraph 10(d);
- 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.
Auditing Standards means auditing standards made under section 336 of the Corporations Act, and include:
- ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements;
- ASQM 2 Engagement Quality Reviews;
- ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity; and
- ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation.
Firm means a sole practitioner, partnership, corporation or other entity of assurance practitioners, or public sector equivalent. The definition of “firm” in relevant ethical requirements may differ from the definition set out in this Auditing Standard.
Related services engagements include engagements to perform agreed-upon procedures. The term ‘assurance practitioner’ is referred to in ASRS 4400 Agreed-Upon Procedures Engagements as ‘practitioner’.