Australian National Audit Office (ANAO) Auditing Standards (19/12/2013)

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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:
1.      an audit or review referred to in Division 1 (Financial Statement audits); Division 2 (Performance audits) or Division 2A (Assurance reviews) of Part 4 of the Act;
2.      an audit under Division 2 of Part 7 of the Act (Audit of the Australian National Audit Office);
3.      an audit under section 56 of the Financial Management and Accountability Act 1997 (Audit of Finance Minister’s annual financial statements).
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:
1.      standards made by the Australian Auditing and Assurance Standards Board (AUASB) pursuant to section 227B(1)(a) of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, that are current from time to time; and
2.      the following standards formulated by the AUASB pursuant to section 227B(1)(b) of the Australian Securities and Investments Commission Act 2001:
o   ASA 805 Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (issued October 2009)
o   ASA 810 Engagements to Report on Summary Financial Statements (issued October 2009)
o   ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity (issued March 2013)
o   ASRE 2405 Review of Historical Financial Information Other than a Financial Report (issued August 2008)
o   ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information (issued July 2007)
o   ASAE 3100 Compliance Engagements (issued September 2008)
o   ASAE 3402 Assurance Reports on Controls at a Service Organisation (issued June 2010)
o   ASAE 3410 Assurance on Greenhouse Gas Statements (issued June 2012)
o   ASAE 3420 Assurance Engagements To Report on the Compilation of
Pro Forma Historical Financial Information included in a Prospectus or other Document (issued November 2012)
o   ASAE 3450 Assurance Engagements involving Corporate Fundraisings and/or Prospective Financial Information (issued November 2012), and
o   ASAE 3500 Performance Engagements (issued October 2008); and
3.      AUS 810 Special Purpose Reports on the Effectiveness of Control Procedures (issued July 2002), issued by the former Australian Accounting Research Foundation on behalf of CPA Australia and The Institute of Chartered Accountants in Australia; and
4.      for Assurance Reviews undertaken under Division 2A of Part 4 of the Act that are designated by the Auditor-General as Limited Scope Assurance Reviews, the requirements in the Planning and Performing, Obtaining Evidence and Documentation sections of ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information. The reporting arrangements for Limited Scope Assurance Reviews, including arrangements for reporting to the Parliament, will be as determined by the Auditor-General.
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 the International Organisation of Supreme Audit Institutions (issued 2013).
These ANAO Auditing Standards revoke all previous auditing standards set under section 24 of the Act.
Ian McPhee
19 December 2013

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