This page lists standards which have been approved and issued by the AUASB recently, some of which may not be effective yet. Unless otherwise stated, AUASB standards may be early adopted in conjunction with any conforming or consequential amendments.  

Quality Management Suite of Standards

In March 2021, the AUASB approved three revised Quality Management Standards. The standards promote a robust, proactive, scalable, and effective approach to quality management and mark a significant evolution of the existing quality control standards.

The standards place greater responsibility on firm leadership for continuously improving the quality of their engagements and remediating when deficiencies are found. When effectively implemented, the standards should help ensure that a commitment to quality is at the heart of firm strategy and operations.


StandardEffective Date
ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services EngagementsSystems of quality management in compliance with ASQM 1 are required to be designed and implemented by 15 December 2022, and the evaluation of the system of quality management required by ASQM 1 is required to be performed within one year following 15 December 2022.
ASQM 2 Engagement Quality ReviewsPeriods beginning on or after 15 December 2022.
ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial InformationFinancial reporting periods commencing on or after 15 December 2022. 

ASQM 1, ASQM 2 and ASA 220 are available in the AUASB Standards Portal. 

ASA 600 Audits of a Group Financial Report (Including the Work of Component Auditors)

In May 2022, the AUASB approved a revised ASA 600. The revised ASA 600 is expected to enhance audit quality by strengthening the accountability of group auditors and clarifying the interactive relationship between group and component auditors.

ASA 600 deals with the special considerations that apply to a group audit, including in those circumstances when component auditors are involved while recognising that the Group Engagement Partner remains ultimately responsible for managing and achieving quality on the group audit engagement.

ASA 600 is closely aligned to the recently revised Quality Management suite of standards which strengthens and improves the management of quality at the group engagement level and the component level by adopting a risk-based approach to planning and performing a group audit engagement. A risk-based approach facilitates a greater focus on identifying, assessing and responding to risks of material misstatement to the group financial report. Under the risk-based approach component auditors can be, and often are, involved in all phases of the group audit. ASA 600 reinforces the need for robust communication and interactions during the group audit and fostering an appropriately independent and challenging sceptical mindset of the auditor.


StandardEffective Date
ASA 600 Audits of a Group Financial Report (Including the Work of Component Auditors)Financial reporting periods commencing on or after 15 December 2023.

ASA 600 Audits of a Group Financial Report (Including the Work of Component Auditors) is available in the AUASB Standards Portal.