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Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector

Ef­fec­tive date:

Effective for compliance reports dated on or after the first month noted beside each Recommendation, with the exception of paragraph .13 which is effective for compliance reports dated on or after June 30, 2017.

Overview

This Section makes Recommendations and provides guidance for auditors who, depending upon their audit mandates, are engaged or required to: (a) express an opinion on whether an entity complied with specified authorities or whether its transactions were carried out in compliance with specified authorities; (b) express an opinion on whether the transactions that have come to their notice in the course of discharging their other audit responsibilities were carried out in compliance with specified authorities; and (c) report instances of non-compliance with authorities observed in the course of discharging their audit responsibilities.

In September 2015, the AASB launched a project to review and revise the PS series. The first standard reviewed under this project was Section PS 5300. The Board’s assessment has identified the following changes relating to Section PS 5300, resulting in Section PS 5300 being withdrawn in September 2018:

  • Requirements and application material in paragraphs PS 5300.11-.13 are addressed by CSAE 3530 or CSAE 3531.
  • Requirements and application material in paragraphs PS 5300.14-.16 are addressed by AuG-49.
  • Requirements and application material in paragraphs PS 5300.17-.24 are addressed by CSRS 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement.

His­tory of Section PS 5300

Date

De­vel­op­ment

Com­ments

July 2015

Paragraphs 01A and 01B added and paragraph 13 amended to include additional reporting requirements as a result of the issuance of CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information.

The amended requirements are effective for compliance reports dated on or after June 30, 2017.

March 2018

Paragraphs 11-.13 addressing engagements that require an auditor, depending on the audit mandate, to express an opinion on whether an entity complied with specified authorities or whether its transactions were carried out in compliance with specified authorities are to be replaced by CSAE 3530, Attestation Engagements to Report on Compliance, and CSAE 3531, Direct Engagements to Report on Compliance.

CSAE 3530 is effective for attestation engagements to report on management's statement of an entity's compliance when the practitioner's report is dated on or after April 1, 2019. CSAE 3531 is effective for direct engagements to report on an entity's compliance when the practitioner's report is dated on or after April 1, 2019.

September 2018

Requirements and application material in paragraphs PS 5300.14-.16 are addressed by AuG-49, Reporting on Compliance with Specified Authorities for Transactions coming to the Auditor’s Notice during the Audit of Financial Statements.

Requirements and application material in paragraphs PS 5300.17-.24 are addressed by CSRS 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement.

Section PS 5300 withdrawn on issue of AuG-49, which is effective for reports dated on or after April 1, 2019 with early adoption permitted.

Note: The above sum­mary does not in­clude de­tails of con­se­quen­tial amend­ments made as the re­sult of other pro­jects.

Amendments under consideration

  • None

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.