Who Monitors Auditing and Assurance Standards and Guidance in Australia?
The AUASB standards are legally enforceable for audits or reviews of financial reports required under the Corporations Act 2001. The AUASB monitors the currency of the standards, and compliance with the standards is monitored by several organisations including Australia’s three professional accounting bodies. They are: • the Australian Securities and Investments Commission (ASIC) • the Australian Prudential Regulation Authority (APRA) • other Federal, State and Territory Government regulators • Certified Practising Accountants Australia (CPA Australia) • The Institute of Chartered Accountants in Australia (ICAA) • The National Institute of Accountants (NIA) Feedback from these organisations is used by AUASB to determine if any standards require amending.
