The Auditing and Assurance Standards Board (AUASB) undertook a review of its internal processes for developing, issuing and maintaining AUASB Standards, Guidance Statements and other related materials and required comments.
It is valuable to provide clarity and consistency through formal documentation and informing stakeholders on their participation in the standard-setting process.
CA ANZ’s submission focused on the due process for appropriate public consultation on the standards and pronouncements including comment period to provide feedback and the current engagement process with other key national and international bodies and standard setters. We also advocated revisiting the operation of the Framework periodically to ensure it is effective and achieving its desired results.
CA ANZ looks forward to seeing how the new Framework contributes to the AUASB’s standard-setting process in Australia.