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The AUASB is an Australian Government Agency under the Australian Securities and Investments Commission Act 2001 (ASIC Act)link.

Under section 227B (1) of the ASIC Act, the functions of the AUASB are:

(a) to make auditing standards under section 336 of the Corporations Act 2001, for the purposes of the corporations legislation

(b) to formulate auditing and assurance standards for other purposes

(c) to formulate guidance on auditing and assurance matters

(d) to participate in and contribute to the development of a single set of auditing standards for worldwide use

(e) to advance and promote the main objects of Part 12 of the ASIC Act. Section 224 (aa) of the ASIC Act states the objectives of Part 12, which include:

” To facilitate the development of auditing and assurance standards and related guidance materials that:

  1. provide Australian auditors with relevant and comprehensive guidance in forming an opinion about, and reporting on, whether financial reports comply with the requirements of the Corporations Act 2001; and
  2. require the preparation of auditors’ reports that are reliable and readily understandable by the users of financial reports to which they relate.”

Other relevant objectives of Part 12 are summarised below:

  • to facilitate the Australian economy by having (accounting and) auditing standards that are clearly stated and easy to understand; and
  • to maintain investor confidence in the Australian economy (including its capital markets)