Australian National Audit Office Auditing Standards 2021
I, Grant Hehir, Auditor-General, make the following instrument.
Dated 26 February 2021
Grant Hehir
Auditor-General
Name
- This instrument is the Australian National Audit Office Auditing Standards 2021.
Commencement
2. This instrument commences as follows:
Commencement information | ||
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/ Details |
The whole of this instrument | Date of registration |
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Authority
3. 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:
(a) an audit or review referred to in Division 1 (Annual financial statement audits); Division 1A (Annual performance statement audits); Division 2 (Performance audits) or Division 2A (Assurance reviews) of Part 4 of the Act;
(b) an audit under Division 2 of Part 7 of the Act (Audit of the Australian National Audit Office); and
(c) an audit under section 49 of the Public Governance, Performance and Accountability Act 2013 (audit of the annual consolidated financial statements of the Australian Government).
Auditing Standards
4. 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:
(a) Standards made by the Australian Auditing and Assurance Standards Board (AUASB) pursuant to paragraph 227B(1)(a) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) and section 336 of the Corporations Act 2001, that are current from time to time.
(b) The standards listed in the following table that are issued by the AUASB pursuant to paragraph 227B(1)(b) of the ASIC Act.
Standard Number | Title | Issue Date |
ASA 100 | Preamble to AUASB Standards |
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ASA 805 | Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | May 2017 |
ASRE 2400 | Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity | May 2017 |
ASRE 2405 | Review of Historical Financial Information Other than a Financial Report | August 2008 |
ASAE 3000 | Assurance Engagements Other than Audits or Reviews of Historical Financial Information | May 2017 |
ASAE 3100 | Compliance Engagements | February 2017 |
ASAE 3150 | Assurance Engagements on Controls | January 2015 |
ASRS 4400 | Agreed-Upon Procedures Engagements to Report Actual Findings (ceases to apply on 1 January 2022) | July 2013 |
ASRS 4400 | Agreed-Upon Procedures Engagements to Report Actual Findings (as approved on 11 September 2020) | January 2022 |
5. In respect of ASRS 4400 as approved on 11 September 2020, this standard applies as appropriate to agreed-upon procedures engagements agreed on or after 1 January 2022. Early adoption of ASRS 4400 is permitted prior to this date.
6. In respect of a performance audit under Division 2 of Part 4 of the Act or a performance audit of the Australian National Audit Office under Division 2 of Part 7 of the Act the 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:
(a) Standard on Assurance Engagements ASAE 3500 Performance Engagements issued on 5 October 2017 by the AUASB pursuant to paragraph 227B(1)(b) of the ASIC Act, except for the following requirements paragraphs:
- Paragraph 33 relating to obtaining an understanding of internal controls relevant to the evaluation of the activity’s performance against the identified criteria;
ii. Paragraph 34 relating to procedures relating to non-compliance with laws and regulations; and
iii. Paragraph 45 relating to the assurance report content.
(b) The reporting requirements of the International Standard of Supreme Audit Institutions ISSAI 3000 Standard for Performance Auditing, endorsed 2016, by the International Organisation of Supreme Audit Institutions (INTOSAI) contained in paragraphs 116, 122, 124 and 126.
7. Notwithstanding clause 6 of this instrument, in respect of a performance audit under Division 2 of Part 4 of the Act which the Auditor-General elects to wholly or in part conduct as a compliance engagement and a performance audit of the Australian National Audit Office under Division 2 of Part 7 of the Act which the Independent Auditor elects to wholly or in part conduct as a compliance engagement, the ANAO Auditing Standards also 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:
(a) Standard on Assurance Engagements ASAE 3100 Compliance Engagements issued on 21 February 2017 by the AUASB pursuant to paragraph 227B(1)(b) of the ASIC Act, except for the requirements in paragraph 56 relating to the assurance report content.
(b) The reporting requirements of the International Standard of Supreme Audit Institutions ISSAI 4000 Standard for Compliance Auditing, endorsed 2016, by the International Organisation of Supreme Audit Institutions (INTOSAI) contained in paragraphs 202, 210 and 218.
8. The ANAO Auditing Standards relating to the conduct of financial statement and performance audits are consistent with ISSAI 200 Fundamental Principles of Financial Auditing, ISSAI 300 Fundamental Principles of Performance Auditing and respectively, issued by INTOSAI (issued 2013). The ANAO Auditing Standards relating to the conduct of performance audits conducted as a compliance engagement are consistent with ISSAI 400 Compliance Audit Principles (issued 2019).
9. These ANAO Auditing Standards revoke all previous auditing standards set under section 24 of the Act.