The Institute, CPA Australia and National Institute of Accountants have jointly lodged a submission on the Auditing and Assurance Standards Board’s (AUASB) exposure draft on proposed standard ASAE 3500 Performance Engagements.  
 
Generally, the submission commends the AUASB’s introduction of standards for assurance engagements. It was reiterated that a clear explanation of applicability, perhaps through diagrams or tables would greatly enhance understanding. 
 
View the submission here (pdf).  
 
Background 
AUS 806 was directed towards auditors in the conduct of performance audits and AUS 808 was directed towards auditors in the planning for performance audits. Both AUS 806 and AUS 808 required the auditor to conduct performance audits in accordance with Australian Auditing Standards. However, the proposed ASAE 3500 has been developed as an adjunct standard to ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information. Consistent with ASAE 3000, the proposed ASAE 3500 is directed towards the conduct of both performance audit and performance review engagements by assurance practitioners in accordance with ASAEs. 
 
This article is current up to 24 April 2008