Professional judgement – The application of relevant training, knowledge and experience, within the context of AUASB standards, in making informed decisions about the courses of action that are appropriate in the design, implementation and operation of …

[Deleted by the AUASB. Refer Aus 16.7 ] …

AUASB Standards means standards issued by the AUASB, comprising: Australian Auditing Standards, which means the suite of auditing standards issued by the AUASB, comprising: Auditing Standards made under section 336 of the Corporations Act 2001 ; ASA 805 …

Quality objectives – The desired outcomes in relation to the components of the system of quality management to be achieved by the …

Quality risk – A risk that has a reasonable possibility of: Occurring; and Individually, or in combination with other risks, adversely affecting the achievement of one or more quality …

Reasonable assurance – In the context of the ASQMs, a high, but not absolute, level of assurance. …

[Deleted by the AUASB. Refer Aus 16.8 ] …

Relevant ethical requirements means relevant ethical requirements as defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements . ( Ref: Para. A22-A24 ; A62 …

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): ( Ref: Para. A25‑A27 , A50 ) Policies are statements of what should, or should not, be done to …

Service provider (in the context of this ASQM) – An individual or organisation external to the firm that provides a resource that is used in the system of quality management or in the performance of engagements. Service providers exclude the firm’s …