Appendix F
Auditing and Assurance Standards Board work programme
Status of Auditing and Assurance Standards Board’s 2006‑07 work programme
Highest priority projects
Highest priority projects (continued)
Other projects
Auditing and Assurance Standard Board 2007-08 work programme
The AUASB’s work programme for 2007-08 is aligned to its broad corporate strategies, which are to:
- formulate legally enforceable Auditing Standards;
- formulate other auditing and assurance standards;
- formulate guidance pronouncements;
- international: participate in the standard setting activities of the International Auditing and Assurance Standards Board (IAASB) and liaise with other standards setters (such as the United States of America, Canada, the United Kingdom and New Zealand); and
- local: participate in the standard setting activities of relevant Australian organisations.
These pronouncements are to be developed with:
- a clear public interest focus;
- recognition that Australia is part of the global market;
- recognition of the importance of conformity with international auditing standards; and
- an emphasis on communication.
The main focuses of the 2007-08 work programmes are:
- completion of the revision and reissue of guidance statements and Auditing and Assurance Standards for other purposes;
- revision and reissue of guidance statements and Auditing Standards previously issued;
- emphasis on communication with stakeholders; and
- development of a strategy for the revision of ASAs in clarity format, and commencement of that project by January 2008.
Formulate legally enforceable Auditing Standards
The AUASB plans to formulate new legally enforceable Auditing Standards as well as revise those issued during the last two years, under the AUASB’s Phase 2 programme, in order to responsibly address stakeholder expectations. As part of this process, the AUASB plans to assess the requirements for additional standards to enable both practitioners and regulators to enhance financial reporting and corporate governance frameworks in Australia.
Formulate other auditing and assurance standards
The AUASB plans to progress and finalise the following projects to formulate new or revised auditing and assurance standards other than legally enforceable standards.
Formulate guidance pronouncements
The AUASB plans to undertake the following projects to formulate new or revised auditing and assurance guidance pronouncements or withdraw existing guidance. Guidance will be revised or formulated in consultation with a working party of stakeholders where necessary, but generally without public exposure. Proposed actions for each project will include preparation of a project plan, establishment of a working party if needed, updates and draft pronouncements for consideration by the AUASB and issuance of finalised guidance.
Formulate guidance pronouncements (continued)
International: Participate in standard setting activities of the International Auditing and Assurance Standards Board (IAASB) and liaise with other national standard setters
The AUASB plans to continue to maintain its international profile by committing significant AUASB resources to:
- involvement with IAASB meetings;
- contributing directly to IAASB projects by continuing with its role in redrafting ISAs in the clarity format and providing comments on exposure drafts; and
- reflecting international developments in AUASB pronouncements.
Local: Participate in the standard setting activities of relevant Australian organisations
The AUASB plans to monitor emerging issues in the Australian regulatory and business environment and responsibly address significant audit issues that arise from such developments. In addition, the AUASB plans to continue to commit its resources to consider the audit implications of the activities of other related regulatory bodies and the AASB.
The AUASB also plans to provide input into the development of professional standards, including commenting on exposure drafts issued by the Accounting Professional and Ethical Standards Board (APESB) and the activities of the Audit Quality Review Board (AQRB) in relation to ethics and quality control.