Federal Register of Legislation - Australian Government

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Standards/Accounting & Auditing as made
This instrument repeals and replaces the previously published Australian National Audit Office (ANAO) Auditing Standards.
Administered by: Prime Minister and Cabinet
Registered 02 Mar 2018
Tabling HistoryDate
Tabled Senate19-Mar-2018
Tabled HR26-Mar-2018

 

 

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Australian National Audit Office Auditing Standards 2018

 

I, Grant Hehir, Auditor-General, make the following instrument.

 

Dated 28 February 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Hehir

Auditor-General


 

 

Name

 

1.      This instrument is the Australian National Audit Office Auditing Standards 2018.

 

Commencement

 

2.      This instrument commences as follows:

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/ Details

The whole of this instrument

Date of registration

 

 

 

Authority

 

3.      As required by section 24 of the Auditor-General Act 1997 (the Act), I hereby set auditing standards that are to be complied with by persons performing any of the following functions:

(a)        an audit or review referred to in Division 1 (Annual financial statement audits); Division 1A (Annual performance statement audits); Division 2 (Performance audits) or Division 2A (Assurance reviews) of Part 4 of the Act;

 

(b)        an audit under Division 2 of Part 7 of the Act (Audit of the Australian National Audit Office); and

 

(c)        an audit under section 49 of the Public Governance, Performance and Accountability Act 2013 (audit of the annual consolidated financial statements of the Australian Government).

 

Auditing Standards    

 

4.      The Australian National Audit Office (ANAO) Auditing Standards comprise the standards referred to below, to the extent that they are not inconsistent with requirements of the Act or other relevant legislation, and to the extent that they apply to the relevant audit or review activity:

(a)        Standards made by the Australian Auditing and Assurance Standards Board (AUASB) pursuant to paragraph 227B(1)(a) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) and section 336 of the Corporations Act 2001, that are current from time to time.

 

(b)        The standards listed in the following table that are issued by the AUASB pursuant to paragraph 227B(1)(b) of the ASIC Act.

 

 

 

Standard Number

Title

Issue Date

ASA 805

Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

May 2017

ASRE 2400

Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity

May 2017

ASRE 2405

Review of Historical Financial Information Other than a Financial Report

August 2008

ASAE 3000

Assurance Engagements Other than Audits or Reviews of Historical Financial Information

May 2017

ASAE 3100

Compliance Engagements

February 2017

ASAE 3150

Assurance Engagements on Controls

January 2015

ASRS 4400

Agreed-Upon Procedures Engagements to Report Actual Findings

July 2013

 

5.      In respect of a performance audit under Division 2 of Part 4 of the Act and a performance audit of the Australian National Audit Office under Division 2 of Part 7 of the Act the ANAO Auditing Standards comprise the standards referred to below, to the extent that they are not inconsistent with requirements of the Act or other relevant legislation, and to the extent that they apply to the relevant audit or review activity:

(a)        Standard on Assurance Engagements ASAE 3500 Performance Engagements issued on 5 October 2017 by the AUASB pursuant to paragraph 227B(1)(b) of the ASIC Act, except for the following requirements paragraphs:

 

i.                    Paragraph 33 relating to obtaining an understanding of internal controls relevant to the evaluation of the activity’s performance against the identified criteria;

 

ii.                  Paragraph 34 relating to procedures relating to non-compliance with laws and regulations; and

 

iii.                Paragraph 45 relating to the assurance report content.

 

(b)       The reporting requirements of the International Standard of Supreme Audit Institutions ISSAI 3000 Standard for Performance Auditing, endorsed 2016, by the International Organisation of Supreme Audit Institutions (INTOSAI) contained in paragraphs 116, 122, 124 and 126.

 

6.      The ANAO Auditing Standards relating to the conduct of financial statement and performance audits are consistent with ISSAI 200 Fundamental Principles of Financial Auditing and ISSAI 300 Fundamental Principles of Performance Auditing respectively, issued by INTOSAI (issued 2013).

 

7.      These ANAO Auditing Standards revoke all previous auditing standards set under section 24 of the Act.

 

 

 

Note: The name of this instrument was amended on registration as the instrument as lodged did not have a unique name (see subsection 10(2), Legislation Rule 2016).