Update of Public Sector Auditing Standards - AASB

Date recorded:

At its meeting on March 6-7, 2017, the AASB reviewed the proposed AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements, and discussed issues including: (i) the scope; (ii) the wording of the compliance opinion; and (iii) the form of the compliance report.

The AASB unanimously approved the exposure draft of proposed AuG-49.  This 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 May 2017 with a response date of August 28, 2017.

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

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