THE AUASB's STANDARD SETTING PROCESS
The diagram below outlines the interactions between the International Auditing and Assurance Standards Board (IAASB), the AUASB and our stakeholders. We align our processes with the IAASB in order to engage with and inform them at early stages of standards development.
In order to increase our influence during the formative stages of standards development, in 2019-20 the AUASB has implemented a revised process for issuing IAASB Exposure Drafts (EDs) in Australia, where the EDs are issued concurrently with their release internationally. This approach is consistent with the way the Australian Accounting Standards Board (AASB) and many other auditing and assurance standards setters seek to inform and influence international standards setting.
Having now adopted this new approach the AUASB is currently in the process of reviewing and updating its standard setting and due process documentation. As a consequence, there will be some minor adjustments to the AUASB Standard Setting Process presented in the diagram below implemented in the second half of 2020.