The Auditing and Assurance Standards Board (AUASB) is the only body in Australia which can set audit standards. From April 2006 they have issued Australian Auditing Standards (ASAs) based on International Auditing Standards (ISAs) released by the International Auditing and Assurance Standards Board (IAASB). This ensures that Australia’s auditing standards are consistent with international standards.
What is the Auditing and Assurance Standards Board?
The AUASB is an independent, statutory agency of the Australian Government based in Melbourne, Australia. It was established under section 227A of the Australian Securities and Investments Commission Act 2001, and is responsible for developing standards and guidance for auditors and other assurance services providers. The Board has 12 members plus a Chairman who is appointed by the Minister for Superannuation and Corporate Law. Members have a variety of backgrounds and are appointed by the Financial Reporting Council (FRC).