The Australian Auditing and Assurance Standards Board (AUASB) has released ASAE 3100 Compliance Engagements. This new assurance standard will assist with the audit or review of an entity’s compliance with requirements under legislation, regulation, company policies, statutory requirements, and enforceable contractual obligations. 
 
The AUASB has previously provided subject-matter specific guidance to auditors on areas of compliance – but this is the first assurance standard on compliance engagements. ASAE 3100 provides an overarching compliance standard to which any future subject specific guidance will be linked.  
 
Practitioners are required to use this standard for reporting periods or engagements commencing on or after 1 October 2008. Early adoption is permitted. 
 
This article was taken from ANT26/2008 and is current up to 11 July 2008.