AUASB issues guidance statements

 

The Australian Accounting Standards Board
(AUASB) has issued auditor’s guidance on prudential reporting and
bank confirmation requests.

GS 017 Prudential Reporting Requirements for
Auditors of a Life Company replaces AGS 1024 Life Insurance Act
1995 – Audit Obligations, and is effective from 1 July.

Developed in consultation with the Australian
Prudential Regulation Authority the statement provides guidance to
auditors of life companies.

GS 016 Bank Confirmation Requests replaces AGS
1002 Bank Confirmation Requests, and is applicable for audit
engagements with financial reporting periods that end from 30
September.

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The guidance was developed with the Australian
Bankers Association. It clarifies when bank confirmation requests
are required, the timing of auditor requests and bank response
times, providing detailed guidance for every stage of the bank
confirmation process.

AGS 1002 remains in effect for audits for
financial reporting periods ending 30 June.