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AUASB meeting highlights (2-3 June 2008)
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The Auditing and Assurance Standards Board (AUASB) met in Melbourne on Monday 2 June and Tuesday 3 June. Matters covered included:

  • The Board discussed the proposed ASAE 3100 Compliance Engagements and agreed to make some minor amendments and change the application date to reporting periods or engagements commencing 1 October 2008, with early adoption permitted.
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  • The Board discussed the proposed Guidance Statement 008 Auditor’s Report included in the Annual Directors’ Report pursuant to s300A of the Corporations Act 2001 and agreed that presenting an opinion on the s300A requirements should be in a separate section after the auditor’s opinion (in accordance with paragraph 51 of ASA 700 The Auditor’s Report on a General Purpose Financial Report). The final Guidance Statement 008 will be considered and approved by the Board out of session and is expected to be issued late next week.
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  • Progress on the proposed Guidance Statement 009 Financial and Compliance Audits of Self Managed Superannuation funds was discussed. It is expected to be finalised at the 21-22 July AUASB meeting.
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  • Comment letters had been received in relation to the three most recent exposure drafts on review engagements (ASRE 2400, 2405 and 2410). The Board was informed that there is general support for all exposure drafts but some amendments have been suggested which will be considered by the staff and brought to the next AUASB meeting on 21-22 July. <br><br>
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  • As part of the redrafting of ASAs under a new ‘clarity’ format, several ASAs were discussed including ASA 230 Audit Documentation, ASA 240 The Auditor’s Responsibility to Consider Fraud in an Audit of a Financial Report, ASA 260 Communication of Audit Matters with Those Charged with Governance and ASA 315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement. The Board agreed to make some further minor amendments and will reconsider these ASAs for approval for exposure at the July 21-22 AUASB meeting.  
     
  • Key agenda items for the next International Accounting and Assurance Standards Board meeting were discussed including proposed ‘clarity’ versions of International Standards on Auditing (ISAs) ISA 700 The Independent Auditor’s Report on General Purpose Financial Statements, ISA 705 Modifications to the Opinion in the Independent Auditor’s Report and ISA 706 Emphasis of Matter and Other Matter(s) Paragraphs in the Independent Auditor’s Report
Other matters:  
The Board was informed that ASIC Regulatory Guide 69 Debentures –Improving disclosure for retail investors was in the process of being redrafted by ASIC to establish the requirement to audit against each of the eight benchmarks outlined in the Guide. AUASB staff and Board members are assisting ASIC in this process.