The SA/NT office hosted an audit partners lunch and briefing on Wednesday, 30 July 2008 to update members on developments in the audit sector.  
 
Andrew Stringer, the Institute’s Head of Audit, spoke about a number of issues of relevance to audit practitioners. Highlights of the briefing included:

• The announcement of the release of the Institute’s Audit Manual and Toolkit for small- to medium practices, and supporting nation-wide training
• The Australian Securities and Investment Commission (ASIC)’s focus for the upcoming reporting season, including: fair values and impairment; off balance sheet structure and exposures, current and non current liabilities, revenue recognition and expense deferral
 

• The Australian Auditing and Assurance Standards Board (AUASB)’s “Clarity” project to revise all auditing standards, effective in 2010
 

• ASIC’s third report of its audit inspection program, issued in June 2008, which showed an overall improvement in results over previous years
 

• The government’s work on a project to simplify business reporting, using XBRL as the enabling technology, for most lodgements