The project to redraft the Australian Auditing Standards in Clarity format remains on track with 36 Exposure Drafts now issued for constituent comment. A further three Exposure Drafts are expected to be released before the end of June 2009. Read more

APRA is currently revising its Prudential Standard LPS 310 Audit and Actuarial, which sets out the prudential reporting requirements for auditors of life insurance companies. Read more

The AUASB has decided to distribute an International Update to help you stay abreast of the major activities of the IAASB and other foreign standard setters. Read more

The AUASB is developing a guidance publication to assist auditors dealing with going concern matters in the current economic environment. This publication is expected to be completed in April 2009.

Additionally, the AUASB is working with the Australian Institute of Company Directors (AICD) to develop guidance for company directors who are dealing with going concern matters in financial reporting. The publication is expected to be released in the second quarter of 2009.

The AUASB invites feedback and comments on the experiences of practitioners and service organisations in implementing GS 007 Audit Implications of the Use of Service Organisations for Investment Management Services since it was issued in March 2008.  Feedback is also being sought from user auditors with respect to whether the reports from service organisations are providing the audit evidence they require. Read more

The AUASB has released Guidance Statement GS 010 Responding to Questions at an Annual General Meeting, which provides guidance to auditors on responding to both written questions submitted prior to an Annual General Meeting and questions raised at the Annual General Meeting of a listed company.

It replaces AGS 1046 Responding to the Questions at an AGM, which was issued in Oct 2005.

Until 18 May 2009:

ASA 210 Agreeing the Terms of Audit Engagements

ASA 265 Communicating Deficiencies in Internal Control to Those Charged With Governance and Management

ASA 402 Audit Considerations Relating to an Entity Using a Service Organisation

ASA 505 External Confirmations

ASA 508 Litigation and Claims

ASA 620 Using the Work of an Auditor's Expert

ASA 710 Comparative Information - Corresponding Figures and Comparative Financial Reports

22-24 April 2009
IAASB and National Standards Setters Meeting, Vancouver, Canada

AUASB Executive Director, Richard Mifsud presented an update on Australian Auditing Standards to the ACAG Financial reporting and Auditing Committee in March 2009.

AUASB Deputy Chairman, Jon Tyers attended the Trans-Tasman Accounting and Auditing Standards Advisory Group (TTAASAG) meeting in Wellington, New Zealand on 19 February 2009.