The Financial Reporting Council
The Financial Reporting Council (FRC) is responsible for overseeing the effectiveness of the financial reporting system in Australia. Its key functions include the oversight of the accounting and auditing standards setting processes for the public and private sectors, providing strategic advice in relation to the quality of audits conducted by Australian auditors, and advising the Minister on these and related matters to the extent that they affect the financial reporting system in Australia.
The FRC monitors the development of international accounting and auditing standards, works to further the development of a single set of accounting and auditing standards for world-wide use and promotes the adoption of these standards. It is a statutory body under Part 12 of the Australian Securities and Investments Commission Act 2001 (the ASIC Act).
The Auditing and Assurance Standards Board
The Auditing and Assurance Standards Board (AUASB) is an independent, non-corporate Commonwealth entity of the Australian Government, responsible for developing, issuing and maintaining auditing and assurance standards.
Sound public interest-oriented auditing and assurance standards are necessary to reinforce the credibility of the auditing and assurance processes for those who use financial and other information. The AUASB standards are legally enforceable for audits or reviews of financial reports required under the Corporations Act 2001.
The AUASB's role extends to liaison with other standards setters and participation in standard-setting initiatives.
Enquiries
Auditing and Assurance Standards Board
PO Box 204, Collins Street West, Victoria 8007, AUSTRALIA
Tel +61 3 8080 7400 | enquiries@auasb.gov.au | www.auasb.gov.au
Copyright
© Commonwealth of Australia 2018
This publication is available for your use under a Creative Commons BY Attribution 3.0 Australia licence, with the exception of the Commonwealth Coat of Arms, the Financial Reporting Council logo and the Auditing and Assurance Standards Board logo. The full licence terms are available from http://creativecommons.org/licenses/by/3.0/au/legalcode.
Use of Financial Reporting Council or Auditing and Assurance Standards Board material under a Creative Commons BY Attribution 3.0 Australia licence requires you to attribute the work (but not in any way that suggests that the Financial Reporting Council or Auditing and Assurance Standards Board endorses you or your use of the work).
Use of the Coat of Arms
The terms under which the Coat of Arms can be used are set out on the It's an Honour website (see www.itsanhonour.gov.au).
Copyright or media contact
Requests and enquiries concerning reproduction and rights should be addressed to the National Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Victoria 8007.