Audit and assurance standards

Development of Auditing Standards

Australian auditing standards are set by the Australian Auditing Standards Board (AUASB). Auditing standards have the force of law for audits and reviews of Corporations Act entities under section 307A of the Corporations Act 2001 (Cth).

Our members are required by professional and ethical standard APES 210 Conformity with Auditing and Assurance Standards to comply with Auditing and Assurance Standards when they conduct auditing and assurance engagements.

This section of the website is dedicated to providing members with the resources they need to understand and apply accounting standards and keep abreast of all the changes.

Our reporting and assurance team monitors developments in auditing standards here and overseas; and provides regular updates for our members via archived Charter articlesAcuity magazine, Reporting & Assurance News and member newsletter, In the Know.

From this page you can access material which will:

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  • IAASB revises special purpose auditing standards

    Revised versions of the international auditing standards impacting special purpose reporting have been released by the International Auditing and Assurance Standards Board (IAASB).

    Published on 29 January 2016

  • IAASB consults on enhancing audit quality

    A new consultation paper aimed at further enhancing audit quality worldwide is currently open for consultation by the International Auditing and Assurance Standards Board (IAASB).

    Published on 22 January 2016

  • AuASB meeting approves auditor reporting standards

    The AUASB’s 1 December meeting has approved for out of session release the package of new standards that will implement the recent major international auditor reporting reforms in Australia.

    Published on 23 December 2015

  • Audit reporting reform now a reality

    Revised formats for audit reports, including the reporting of key audit matters will become mandatory in Australia and New Zealand from 15 December 2016

    Published on 23 December 2015

  • AUASB releases disclosure reforms ED

    Improving the auditors’ focus on disclosure in financial statements is the aim of proposed amendments to Australian auditing standards contained in AUASB ED 03/15.

    Published on 30 October 2015

  • Financial services and SMSF audit guidance revised

    The AUASB has released revised versions of its audit guidance assisting practitioners performing financial services licence and SMSF audit engagements.

    Published on 16 October 2015

  • New guidance on compilations engagements

    A new Guide to Compilation Engagements assisting member organisations and practitioners, especially smaller ones, with the implementation of ISRS 4410 (Revised) Compilation Engagements.

    Published on 9 October 2015

  • Financial services licensee audit guidance revised

    Updated guidance assisting practitioners conducting assurance engagements relating to Australian financial services licensees has now been released by the AUASB.

    Published on 6 October 2015

  • Audit confirmation requests moving online

    Westpac and HSBC Australia have begun using the online audit confirmation service Confirmation.com to provide customers and their auditors with an easy solution for obtaining audit confirmations

    Published on 6 October 2015

  • Dealing with multi location audit engagements

    Explanation and clarification of the responsibilities of engagement partners dealing with multi location audits has been released by the International Auditing and Assurance Standards Board (IAASB).

    Published on 11 September 2015