Go to top of page

KEY MILESTONES

Over the course of the last financial year, the AUASB achieved several key milestones in both standard-setting activities and thought leadership. Of particular note has been the building of our influence and impact on international standard-setting areas, as well as responding appropriately to the audit quality challenges faced in our local jurisdiction. These challenges include, but are not limited to, supporting the auditing profession in the application of our standards in the COVID-19 environment, and our response to issues raised during the Parliamentary Joint Committee (PJC) into Audit Quality. Let me highlight how proud I am of our response in supporting the profession through this once in a lifetime COVID-19 pandemic. The ability of our staff, Board, and other key groups that we have worked with, including the Australian Accounting Standards Board (AASB), and Australian Securities and Investments Commission (ASIC), to respond in a professional and timely manner, turning documents around in less than 24 hours, has shown how we can respond expertly and appropriately in times of need. This approach has resulted in the AUASB demonstrating a leadership role, with our guidance being used by the International Auditing and Assurance Standards Board (IAASB), and other National Auditing and Assurance Standards-Setters (NAASS). Along with our achievements in other areas, highlighted below, it is in retrospect a year in which I am immensely proud of what we have achieved.