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

The following standards have been approved by the AUASB but are not yet effective. 

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.


Standard Effective 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 Engagements Systems 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 Reviews Periods beginning on or after 15 December 2022.
ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information Financial reporting periods commencing on or after 15 December 2022. 

The Quality Management suite of standards will be available in the AUASB Standards Portal soon. 

ASA 315 Identifying and Assessing the Risks of Material Misstatement 

In February 2020, the AUASB approved a revised ASA 315. The revised ASA 315 sets out clarified and enhanced requirements, and enhanced application material, to support the auditor’s risk assessment process and also includes enhanced guidance on considerations in relation to Information Technology risks, and considerations relation to the auditor’s use of automated tools and techniques. The revised requirements focus on ‘what’ needs to be done, and the application material has been enhanced, modernized and reorganized to describe ‘why’ and ‘how’ procedures are to be undertaken.


Standard Effective Date
ASA 315 Identifying and Assessing the Risks of Material Misstatement Financial reporting periods commencing on or after 15 December 2021.

ASA 315 Identifying and Assessing the Risks of Material Misstatement is available in the AUASB Standards Portal. 

ASRS 4400Agreed-Upon Procedures Engagements 

In September 2020, the AUASB approved a revised ASRS 4400. has been revised to respond to the growing demand for these types of engagements. The revised requirements and application material include enhancements relating to, among other matters, the exercise of professional judgement, compliance with independence requirements, engagement acceptance and continuance considerations, using the work of a practitioner’s expert, and greater clarity and transparency in the agreed-upon procedures report.

A number of Australian specific amendments have been made to the standard including: 

  • Additional requirements that restrict the use of AUP reports to intended users identified in the AUP report;
  • A requirement for the AUP report to include an explicit statement that the practitioner has complied with the principle of objectivity;
  • Changes to the wording relating to independence in the illustrative example engagement letter for situations where the practitioner is independent; and
  • An additional appendix containing a table of differences between an AUP engagement and an assurance engagement.


Standard Effective Date
ASRS 4400 Agreed-Upon Procedures Engagements Agreed-upon procedures engagements for which the terms of engagement are agreed on or after 1 January 2022

ASRS 4400 Agreed-Upon Procedures Engagements is available in the AUASB Standards Portal.