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.
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.