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Update of Public Sector Auditing Standards - AASB

Date recorded:

At its meeting on June 12-13, 2017, the AASB approved a revised exposure draft of AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements. The exposure draft was updated to align with revised CAS 700, Forming an Opinion and Reporting on Financial Statements, which the Board recently issued. The guideline would replace Auditing for Compliance with Legislative and Related Authorities in the Public Sector, paragraphs PS 5300.14-.16. The exposure draft is expected to be issued in July 2017 with a comment deadline of November 10, 2017.

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

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