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Special Reports — Assurance on Compliance with Agreements, Statutes and Regulations - AASB

Date recorded:

At its meeting on March 9-10, 2015, the AASB reviewed a draft of a new standard that would replace Sections 5800, 5815, and 8600. The issues discussed included: (i) whether limited assurance (review) engagements should be dealt with in the same standard or in a separate standard; (ii) how to deal with Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector, which addresses situations similar to those addressed by the draft standard; and (iii) whether the practitioner should be required to include in the report a statement alerting readers to the fact that the engagement has a specific purpose and that the report may not be suitable for another purpose.

Review the Executive Summary on the AASB's Web site.

Correction list for hyphenation

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