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The functions of the AUASB are to:
- make auditing standards under section 336 of the Corporations Act 2001 for the purposes of the Corporations’ Legislation,
- formulate auditing and assurance standards for other purposes,
- formulate guidance on auditing and assurance matters,
- participate in and contribute to the development of a single set of auditing standards for world-wide use,
- advance and promote the main objectives of part 12 of the Australian Securities and Investments Commission Act 2001.