Update of Public Sector Auditing Standards - AASB

Date recorded:

At its meeting on March 7- 8, 2016, the AASB discussed issues related to its project to revise Sections in the Handbook dealing with the special circumstances that may apply to the audits of public sector entities undertaken by legislative and other external auditors, including: (i) confirmed the need to maintain a compliance auditing standard for the public sector; (ii) whether further guidance on identifying and assessing internal controls under CSAE 3000 and 3001 is needed; and (iii) stakeholder demands for guidance related to value-for-money audits.

The AASB decided that the Public Sector Auditing Standards Review Task Force should continue to explore the best means of incorporating public sector auditing standards into the Handbook for discussion at a future meeting.

Review the executive summary on the AASB's Web site.

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