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Basis for Conclusions – AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements

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Sep 04, 2018

On September 4, 2018, the Auditing and Assurance Standards Board (AASB) released a summary of the process followed in developing the Guideline and the Board’s conclusions regarding significant comments received in response to its Exposure Draft.

AuG-49 replaces paragraphs PS 5300.14-.16, Auditing for Compliance with Legislative and Related Authorities in the Public Sector.

AuG-49 addresses the following public interest issues:

  • providing guidance for auditors reporting on compliance with specified authorities for transactions coming to the auditor’s notice during the audit of financial statements; and
  • aligning the compliance opinion reporting to revised CAS 700, which is the standard that these matters are reported under.

AuG-49 is effective for reports dated on or after April 1, 2019, with earlier application allowed.

Download the Basis for Conclusions on the AASB's website.

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