In this chapter, students will be able to understand: explain the different levels of government in Australia and their main responsibilities; explain the concept of accountability; outline the different bases of accounting used in the public sector; explain public sector audit requirements; describe the nature of performance auditing; and describe the nature of regularity audits. | Chapter 14 Other Assurance Services 14- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett The Current Framework for Assurance Services Learning Objective 1: 14- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Force of Law Auditing Standards (1 July 2006) The force of law auditing standards apply to all audits and reviews of Corporations Act 2001 financial reports that commence on or after 1 July 2006, (these would be under the left branch of figure ): for such audits, the Australian Auditing Standards is now be designated as ASA’s, and will have to same numbering as the equivalent ISA’s for such reviews, the Australian Auditing Standard AUS 902, is now designated as Australian Standard on Review Engagements ASRE2410, equivalent to the International Standard on Review Engagements ISRE 2410. 14- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett A review of levels of assurance Form of engagement for all subject matter (historical financial information) Level of assurance for all subject matter (historical financial information Expression of opinion reasonable assurance (audit) reasonable (high) positive Limited assurance (review) limited (moderate) negative agreed upon procedures nil report of factual findings 14- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Limited Assurance (Review) Engagements Used when limited (moderate) rather than reasonable (high) level of assurance deemed appropriate. Report provides negative assurance of whether . | Chapter 14 Other Assurance Services 14- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett The Current Framework for Assurance Services Learning Objective 1: 14- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Force of Law Auditing Standards (1 July 2006) The force of law auditing standards apply to all audits and reviews of Corporations Act 2001 financial reports that commence on or after 1 July 2006, (these would be under the left branch of figure ): for such audits, the Australian Auditing Standards is now be designated as ASA’s, and will have to same numbering as the equivalent ISA’s for such reviews, the Australian Auditing Standard AUS 902, is now designated as Australian Standard on Review Engagements ASRE2410, .
