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June 28, 2010

AUASB issue standard on assurance engagement

The Australian Accounting Standards Board (AUASB) has issued a standard that provides the requirements for service auditors’ reports on controls, which may be used as audit evidence by user auditors.    

Standard on Assurance Engagements 3402 Assurance Reports on Controls at a Service Organisation (ASAE 3402) complements Auditing Standard ASA 402 Audit Considerations Relating to an Entity Using a Service Organisation.

ASAE 3402 is written in Clarity format and is based on the International Standard on Assurance Engagements 3402 Assurance Reports on Controls at a Service Organisation.

ASAE 3402 must be followed by service auditors for periods beginning 1 July 2010. 

The AUASB said the revision will not impact service auditors significantly.

 

 

 

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