Independence - The AUASB eNewsletter


Issue 5 - October 2009

	From the Chairman

	Calendar

	Out and About

	The Clarity standards have been approved

	Clarity Q&A

	Info sessions on the new Auditing Standards

	The evolution of greenhouse reporting

	Exposure draft on Fundraising

	Working toward a "Comfort Letter" pronouncement

	When should assurance be provided?

	From the Chairman

	This month, the Australian Auditing Standards in Clarity format have been approved and will be operative for reporting periods commencing 1 January 2010. The AUASB and technical group have released a staggering 41 exposure drafts between July 2008 and September 2009, which represents an amazing effort. The AUASB is working closely with the three Australian professional accounting bodies to help auditors to prepare for the new standards. Information sessions will be held in Melbourne and Sydney in early December 2009. Additional information sessions are expected to be held early next year. More detailed information about the sessions is available in this edition of Independence. The requirements for reporting under the National Greenhouse and Energy Reporting Scheme are continuing to evolve; read more about the current status of this project below. Finally, I would like to welcome Marina Michaelides back to the AUASB technical team from maternity leave. Marina has been working on the ASA redrafting project and on revisions to several guidance statements.
	Merran Kelsall Chairman, AUASB

	The Clarity standards have been approved

	Important Requirements and Implications Auditors should ensure they have a thorough understanding of the revised and redrafted Auditing Standards. Click here to read a limited guide to a selection of requirements that auditors need to know.

	Clarity Q&A

	Q: What should I do to implement the new Auditing Standards efficiently and effectively? Answer: Ensure all audit partners and staff have a thorough understanding of the revised and redrafted Auditing Standards Plan for staff to attend training courses that include coverage of the revised and redrafted Auditing Standards Read more

	Info sessions on the new Auditing Standards

	AUASB urges auditors to prepare for revised and redrafted auditing standards Information sessions, hosted jointly by the AUASB and the three professional accounting bodies, will be held to help auditors gain awareness of the changes to the suite of revised and redrafted Australian Auditing Standards in Clarity format. Read more and registration information

	The evolution of greenhouse reporting

	The deadline has arrived (31 October 2009) for the first National Greenhouse and Energy Reporting Scheme (NGERS) reports to be submitted to the regulator for those entities that meet the threshold. However, the auditing requirements are still in the process of being finalised. The requirements are expected to be finalised by November 2009. The Department of Climate Change (DCC) is continuing to develop the regulations to support the NGERS. Read more

	Exposure draft on Fundraising

	The AUASB is developing a standard, ASAE 3400 Assurance Engagements in Connection with Proposed Fundraisings. Read more

	Working toward a "Comfort Letter" pronouncement

	The AUASB has drafted an issues paper on Comfort Letters in Connection with Proposed International Fundraisings, which will soon be distributed to members of the Project Advisory Group, set up to help develop a standard on this topic. Read more

	When should assurance be provided?

	Guidance is needed to dispel confusion over when an assurance engagement is being undertaken, and therefore when the AUASB Standards must be followed; as opposed to when a non-assurance engagement is being conducted and the AUASB Standards do not apply. Read more


	Currently there are no AUASB exposure drafts open for comment.


	2009 AUASB Board Meetings 26-27 Oct. 2009 7 Dec. 2009




	Claire Grayston, AUASB Senior Project Manager, recently competed in the Australian Masters Games in Sydney, and won one Silver and two Gold medals in her rowing events. Congratulations on a tremendous effort, Claire! Merran Kelsall, Chairman of the AUASB, will be part of a panel presenting at an AICD Director's Briefing on 12 Nov. 2009, on the topic: What makes a quality audit?


	Postal Address PO Box 204 Collins St West VIC 8007 Street Address Level 7, 600 Bourke Street Melbourne, VIC Phone (03) 8080 7400 1300 884 578 Fax (03) 8080 7450 Email enquiries@auasb.gov.au

Independence is issued by the Auditing and Assurance Standards Board (AUASB) and is provided for information purposes only. The articles contained in the newsletter represent the views of the authors and not necessarily the views of the AUASB. No responsibility is taken by the AUASB for the results of actions or omissions to act taken on the basis of information contained in this newsletter, nor for any errors or omissions.

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