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.