Scope of this Auditing Standard
This Auditing Standard sets out how AUASB Standards are to be understood, interpreted and applied.
The AUASB derives its functions and powers under section 227B of the Australian Securities and Investments Commission Act 2001. The AUASB:
Pursuant to section 227B(1)(a) of the ASIC Act.
Pursuant to section 227B(1)(b) of the ASIC Act.
‘Auditing and assurance standards for other purposes’ consists of standards that are designed for subject-specific areas. They include, for example, assurance engagements that relate to:
- reviews (other than a review by the independent auditor of the entity, of interim financial information, including interim financial reports, prepared for other purposes);
- evaluating the efficiency and/or effectiveness of an entity’s activities;
- information other than historical financial information;
- prospective financial information; and
- the effectiveness of internal controls.
The AUASB issues the following types of standards (AUASB Standards) pursuant to its mandate under section 227B of the ASIC Act:
For legislative purposes, ASQM 1 and ASQM 2 Engagement Quality Reviews are included in legislation as “Auditing Standards” – see paragraph 10(d) of this Preamble.
For legislative purposes, 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, are included in legislation as “Auditing Standards” – see paragraph 10(d) of this Preamble.
AUASB Standards do not address all the responsibilities of the assurance practitioner that may exist in legislation, regulation or otherwise in connection with engagements that fall within the scope of AUASB Standards.