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RESPONDING TO THE NEEDS OF THE AUSTRALIAN AUDITING PROFESSION

One of the most pressing needs that occurred this year was supporting the auditing profession with regards to applying the auditing standards in the current COVID-19 environment. The AUASB created a dedicated resources webpage for stakeholders to keep up to date with the latest publications concerning the impacts of COVID-19 on the auditing and financial reporting process, which includes FAQs for auditors as well as guidance from the International Auditing and Assurance Standards Board (IAASB).

The ability of the AUASB to work with the AASB on two important FAQ documents pertaining to the current COVID-19 pandemic in order to provide a whole of profession response to issues faced by our community has been a highlight. These were:

· The Impact of COVID-19 on Going Concern and Related Assessments

· The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations.

Feedback from Australia and other parts of the world have demonstrated how influential and well-received these publications were.

To support auditors when conducting self-managed superannuation fund (SMSF) audits, the AUASB updated GS 009 Auditing Self-Managed Superannuation Funds to clarify the existing responsibilities with respect to these engagements, and provide guidance on matters to consider when planning, conducting and reporting on the financial and compliance engagement of a SMSF audit.