Australia has had a long-standing policy of convergence and harmonization of national standards with International Standards on Auditing (ISAs) promulgated by the International Auditing and Assurance Standards Board (IAASB). In 2004, this policy was further consolidated with the enactment of the Corporate Law Economic Reform Program and the subsequent issuance of the Financial Reporting Council's (FRC) strategic direction with regard to the Australian auditing framework. In 2005, the FRC directed the Australian standard-setter, the Auditing and Assurance Standards Board (AUASB), to use ISAs as a base for redrafting of Australian standards issued prior to 2004. On May 1, 2006, the Auditing and Assurance Standards Board (AUASB) issued 35 new legally enforceable Australian Auditing Standards (ASAs), following a review of the existing auditing standards. The issuance of the redrafted standards was accomplished in two phases. According to the CPA Australia website, Phase 1 achieved the legal enforceability of the standards while in an ongoing process Phase 2 will focus on enhancement of existing ASAs to bring them in line with the most recent version of ISAs. Following the IAASB's policy, the AUASB has an ongoing Clarity Project to amend the extant ASAs. Under the Corporations Act, the same set of auditing standards is mandatory for listed as well as non-listed companies. With regard to small and medium-size enterprises, the annual report points out that in March 2007, the AUASB released a discussion paper for comment "Auditing Small and Medium-Sized Entities (SMEs)" followed by participation in several other discussion forums. However, the report states that the discussions only revealed a lack of demand for a separate standard on SMEs.

General Overview

According to information available from the Australian auditing standard-setter website, prior to the reconstitution of the Auditing & Assurance Standards Boards (AUASB) under Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (CLERP 9), the predecessor body AuASB had a long-standing policy of convergence and harmonization with International Standards on Auditing (ISAs). This policy was initially formalized in 1994-95 as a result of coordinated international project to codify ISAs. Following the passage of CLERP 9 in July 2004 two key changes were introduced: (1) the AuASB was reorganized as a statutory body renamed as the AUASB under the oversight of the Financial Reporting Council (FRC); and (2) the Australian Standards on Auditing (ASAs) were given the force of law under the Corporations Act of 2001. In addition, the CLERP 9 amendments introduced the requirement for auditors to be independent.

In 2005, the Financial Reporting Council (FRC) issued the strategic direction for the AUASB with regard to the development of auditing standards which required the use of ISAs as a base for redrafting of Australian Auditing Standards (ASAs) issued prior to 2004. On May 1, 2006, the AUASB issued 35 new legally enforceable ASAs, following a review of the existing auditing standards. The issuance of the redrafted standards was accomplished in two phases. According to the CPA Australia website, Phase 1 achieved the legal enforceability of the standards while in an ongoing process Phase 2 will focus on enhancement of existing ASAs in line with the IAASB revisions. Furthermore, the AUASB Annual Report for 2006-07 explains that "as part of monitoring the impact of implementation of new ASAs, a quantitative research survey was commissioned by the AUASB to gauge the awareness and understanding of the new Auditing Standards" (p. 46). Also, in the last quarter of 2006-07 a number of workshops and briefings to address the new auditing standards were held in Australia. It was decided that ASAs will be progressively reviewed to improve the quality, clarity and presentation in line with the International Auditing and Assurance Standards Board's (IAASB) Clarity Project. As of 2008, the AUASB had released the first four exposure drafts for a revised set of ASAs, which will become operative from 2010. With regard to the current standards in use in Australia, a 2006 CPA Australia self-assessment confirms that ASAs are based on the international standards promulgated by the IAASB. The AUASB annual report reiterates that "compliance with the AUASB's reissued standards (ASAs) enables compliance with the equivalent ISA, where it exists." However, it is unclear whether the AUASB has been incorporating all the amendments arising from revisions in made to ISAs into the Australian standards.

According to the detailed description of the legal and regulatory framework provided in the 2005 National Institute of Accountants in Australia (NIAA) self-assessment, the Corporations Act of 2001 requires the application of ASAs for audits of listed, private, governmental and non-listed entities. Listed entities must have their financial statements audited by a registered company auditor. The Corporations Act requires that the lead audit partner and the review partner of a listed entity rotate every five years. This period can be extended to seven years for smaller listed companies with the approval of the regulator. The securities market regulator is the Australian Securities and Investments Commission (ASIC) which derives its authority from the Corporations Act and the Australian Securities and Investments Commission Act of 2001. The ASIC registers company auditors before they can audit entities governed by the Corporations Act. In general, the ASIC monitors activities of auditors as well as compliance with auditing standards. It can refer company auditors to the Company Auditors and Liquidators Disciplinary Board for non-compliance with the regulations, notes the 2005 NIAA self-assessment. The Australian Prudential Regulation Authority (APRA) regulates banks, financial institutions, non banking financial institutions and insurance companies and does not set any additional requirements for auditing of financial statements. The NIAA self-assessment points out that non-banking financial institutions and insurance companies are governed by the requirements of the Corporations Act. With regard to small and medium-size enterprises, the annual report points out that in March 2007, the AUASB released a discussion paper for comment on "Auditing Small and Medium-Sized Entities (SMEs)" and also participated in an accounting bodies' round table held the same month. However, the report states that the discussions only revealed a lack of demand for an exclusive standard on SMEs.

As mentioned earlier, the AUASB - an independent statutory body - is the auditing standard-setting body in Australia. The AUASB was established by the CLERP Act with responsibility for the development of high quality audit standards. The primary functions of the AUASB are: (1) to make auditing standards under the Corporations Act for the purposes of the corporations legislation; (2) to formulate auditing and assurance standards for other purposes; (3) to formulate guidance on auditing and assurance matters; and (4) to participate in and contribute to the development of a single set of auditing standards for world-wide use. The Financial Reporting Council (FRC) an independent statutory body under the ASIC Act is responsible for setting the broad strategic directive of the AUASB. The FRC has broad oversight responsibilities with respect to the auditing standard-setting arrangements and overseeing the AUASB.

According to the NIAA self-assessment, the three professional accounting bodies CPA Australia, NIAA and the Institute of Chartered Accountants (ICAA) in Australia have a role in the monitoring of compliance and enforcement of accounting, reporting and auditing requirements on members. They administer their own ethical rules and quality reviews of their members in public practice, including auditing. The professional bodies each contribute money and technical 'know-how' to the setting of accounting and auditing standards. They have a professional responsibility to review compliance, however only the ASIC has the legal authority to enforce compliance. CPA Australia, the ICAA and NIAA are listed as members on the International Federation of Accountants website.

The Principles

ISA 200 Objective and General Principles Governing an Audit of Financial Statements (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 200 Objective and General Principles Governing an Audit of Financial Statements. ASA 200 is applicable to financial reporting periods commencing on or after July 1, 2006. Except for certain additional guidance in ASA 200, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 200 [effective December 15, 2005]" (p. 23). ASA 200 was last amended in June 2007; however, it is unclear whether the AUASB has been incorporating all the amendments made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 210 Terms of Audit Engagements (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 210 Terms of Audit Engagements. ASA 210 is applicable to financial reporting periods commencing on or after July 1, 2006. Except for certain additional requirements in ASA 210, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 210" (p. 14). ASA 210 was last amended in June 2007, however, it is unclear whether the AUASB has been incorporating all the amendments made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 220R Quality Control for Audits of Historical Financial Information (effective 2005)

ID

According to the AUASB, the comparable national standard is ASA 220 Quality Control for Audits of Historical Financial Information. ASA 220 is applicable to financial reporting periods commencing on or after July 1, 2006. The text of ASA 220 notes that whereas ISA 220 includes a Public Sector Perspective section, the Australian auditing standard does not include a separate section on the public sector as it is sector neutral. However, the text confirms "compliance with this Auditing Standard enables compliance with ISA 220" (p. 21). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 230R Documentation (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 230 Audit Documentation, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 230 pointed out in the text of the Australian standard, ASA 230 notes "compliance with this Auditing Standard enables compliance with ISA 230" (p.18). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 240 The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 240 The Auditor's Responsibility to Consider Fraud in an Audit of a Financial Report. ASA 240 is applicable to financial reporting periods commencing on or after July 1, 2006. Except for certain additional guidance in ASA 240, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 240" (p. 49). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. On July 31, 2008, in line with the IAASB Clarity Project, the AUASB issued an ED for the clarified ASA 240.

ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report. ASA 250 is applicable to financial reporting periods commencing on or after July 1, 2006. Except for certain additional guidance in ASA 250, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 250" (p. 18). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 260 Communications of Audit Matters With Those Charged With Governance (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 260 Communications of Audit Matters With Those Charged With Governance. ASA 260 is applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 260, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 260" (p. 17). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. More recently, in line with the IAASB Clarity Project, the AUASB issued an ED for the clarified ASA 260 in July 2008.

ISA 300 Planning an Audit of Financial Statements (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 300 Planning an Audit of a Financial Report, applicable to financial reporting periods commencing on or after July 1, 2006. ASA 300 conforms with International Standard on Auditing (ISA) 300 Planning an Audit of Financial Statements, issued by the IAASB and as noted in the text of the Australian standard, "compliance with this Auditing Standard enables compliance with ISA 300" (p. 17). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. ASA 315 is applicable to financial reporting periods commencing on or after July 1, 2006. Unlike ISA 315, ASA 315 does not include a public sector perspective since Australian standards are sector neutral, the text of ASA 315 notes. Nevertheless, ASA 315 states that "compliance with this Auditing Standard enables compliance with ISA 315" (p. 47). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. More recently, in line with the IAASB Clarity Project, the AUASB issued an ED for the clarified ASA 315 in July 2008.

ISA 320 Audit Materiality (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 320 Materiality and Audit Adjustments. ASA 320 is applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 320, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 320" (p. 19). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 330 The Auditor’s Procedures in Response to Assessed Risks (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 330 The Auditor's Procedures in Response to Assessed Risks. ASA 330 is applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 330, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 330" (p. 34). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. More recently, in line with the IAASB Clarity Project, the AUASB issued an ED for the clarified ASA 330 in July 2008.

ISA 402 Audit Considerations Relating to Entities Using Service Organizations (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 402 Audit Considerations Relating to Entities Using Service Organizations, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 402, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 402" (p. 14). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 500 Audit Evidence (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 500 Audit Evidence, applicable to financial reporting periods commencing on or after July 1, 2006. Although ASA 500, unlike ISA 500 does not include a public sector perspective, the text of ASA 500 states that "compliance with this Auditing Standard enables compliance with ISA 501" (p. 18). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 501 Audit Evidence - Additional Considerations for Specific Items (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 501 Existence and Valuation of Inventory. ASA 501 is applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 501, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 501" (p. 13). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 505 External Confirmations (effective 2004)

ID

According to AUASB, the comparable national standard is ASA 505 External Confirmations. ASA 505 is applicable to financial reporting periods commencing on or after July 1, 2006. The text of the Australian standard notes that ASA 505 conforms with the corresponding international standard. Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs and also the text of the Australian standards does not specify which version of a particular ISA it complies with.

ISA 510 Initial Engagements — Opening Balances (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 510 Initial Engagements -- Opening Balances, applicable to financial reporting periods commencing on or after July 1, 2006. Except for a single difference from ISA 510, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 510" (p. 11). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 520 Analytical Procedures (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 520 Analytical Procedures, applicable to financial reporting periods commencing on or after July 1, 2006. Although ASA 520, unlike ISA 520, does not include a public sector perspective, the text of ASA 520 states that "compliance with this Auditing Standard enables compliance with ISA 501" (p. 14). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 530 Audit Sampling and Other Selective Testing Procedures (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 530 Audit Sampling and Other Means of Testing, applicable to financial reporting periods commencing on or after July 1, 2006. ASA 530 conforms with ISA 530 Audit Sampling and Other Means of Testing and "compliance with this Auditing Standard enables compliance with ISA 530" (p. 22). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 540 Audit of Accounting Estimates (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 540 Audit of Accounting Estimates, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 540, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 540" (p. 15). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 545 Auditing Fair Value Measurements and Disclosures (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 545 Auditing Fair Value Measurements and Disclosures. ASA 545 is applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 545, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 545" (p. 27). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 550 Related Parties (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 550 Related Parties, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 550, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 550" (p. 20). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 560 Subsequent Events (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 560 Subsequent Events, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 560, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 560" (p. 15). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 570 Going Concern (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 570 Going Concern, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 570, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 570" (p. 26). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 580 Management Representations (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 580 Management Representations, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 580, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 580" (p. 12). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 600 Using the Work of Another Auditor (effective)

ID

According to the AUASB, the comparable national standard is ASA 600 Using the Work of Another Auditor, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 600, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 600" (p. 13). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 610 Considering the Work of Internal Auditing (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 610 Considering the Work of Internal Auditing, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 610, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 610" (p. 12). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 620 Using the Work of an Expert (effective 2005)

ID

According to the AUASB, the comparable national standard is ASA Using the Work of an Expert, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 620, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 620" (p. 13). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 700 The Auditor’s Report on Financial Statements (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 700 The Auditor's Report on a General Purpose Financial Report, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 700, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 700" (p. 30). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 701 Modifications to the Independent Auditor's Report (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 701 Modifications to the Auditor's Report, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 701, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 701" (p. 18). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 710 Comparatives (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 710 Comparatives, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 710, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 710" (p. 13). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 720 Other Information in Documents Containing Audited Financial Statements (effective 2004)

ID

According to the AUASB, the comparable national standard is ASA 720 Other Information in Documents Containing Audited Financial Reports, applicable to financial reporting periods commencing on or after July 1, 2006. Other than a few departures from ISA 720, per the text of the Australian standard "compliance with this Auditing Standard enables compliance with ISA 720" (p. 11). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.

ISA 800 The Auditor’s Report on Special Purpose Audit Engagements (effective 2006)

ID

According to the AUASB, the comparable national standard is ASA 800 The Auditor's Report on Special Purpose Audit Engagements, applicable to financial reporting periods commencing on or after July 1, 2006. Despite a few departures from ISA 800, the text of the Australian standard states that "compliance with this Auditing Standard enables compliance with ISA 800" (p. 21). ). Nonetheless, it is unclear whether the AUASB has been incorporating all the changes made to ISAs. As of 2008, in line with the IAASB clarity project, the AUASB has an ongoing clarity project to revise and redraft the existing ASAs which are likely to be approved by 2009.