{ "entity_id": "O-000939", "folder": "Office-of-the-Auditing-and-Assurance-Standards-Board", "name": "Office of the Auditing and Assurance Standards Board", "type": "Non-corporate Commonwealth Entity", "jurisdiction": "Commonwealth", "portfolio": "Treasury", "website": "http://www.auasb.gov.au", "data_status": "rich", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": true, "has_global_initiatives_text": true, "has_global_initiatives_structured": true, "n_global_initiatives": 9, "has_ideas": true, "has_artifacts": true, "n_ideas": 8, "n_legislation": 4, "n_artifacts": 15, "n_kpi_targets": 4, "n_kpi_results": 3, "n_outcomes": 1, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "Contribute to stakeholder confidence in:\n• the Australian economy, including its capital markets,\n• external reporting\n• enhanced credibility of external reporting through independent auditing and assurance by:\nAASB AUASB\nDeveloping, issuing and Developing, issuing and maintaining in\nmaintaining principles-based the public interest, Australian auditing\nAustralian accounting and and assurance standards and guidance\nexternal reporting standards and guidance that aid in reducing the cost of capital\nand guidance that meet user and enable Australian entities to\nneeds and enhance external compete effectively, both domestically\nreporting consistency and and internationally, by enhancing audit\nquality.\nand assurance consistency and quality.\n[CP p. 13]", "official_site_url": "http://www.auasb.gov.au", "source_documents": [ { "type": "corporate_plan", "title": "AUASB-AASB Corporate Plan 2025-26", "url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "period": "2025-26", "confidence": "high" }, { "type": "corporate_plan", "title": "AUASB-AASB Corporate Plan 2024-25", "url": "http://www.auasb.gov.au/media/vz0kbhww/aasb-auasb_corporateplan2024-25.pdf", "period": "2024-25", "confidence": "high" }, { "type": "corporate_plan", "title": "AUASB-AASB Corporate Plan 2023-24", "url": "http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf", "period": "2023-24", "confidence": "high" }, { "type": "corporate_plan", "title": "AUASB-AASB Corporate Plan 2022-23", "url": "http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf", "period": "2022-23", "confidence": "high" }, { "type": "corporate_plan", "title": "AUASB-AASB Corporate Plan 2021-22", "url": "http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf", "period": "2021-22", "confidence": "high" }, { "type": "strategie", "title": "Framework for Assurance Engagements", "url": "http://www.auasb.gov.au/media/4xrp3vad/framework_assuranceengagements_may20_final.pdf", "period": null, "confidence": "medium" }, { "type": "strategie", "title": "Framework for Assurance Engagements", "url": "https://www.auasb.gov.au/admin/file/content102/c3/Jun14_Framework_for_Assurance_Engagements.pdf", "period": null, "confidence": "medium" }, { "type": "strategie", "title": "Framework for Assurance Engagements", "url": "https://www.auasb.gov.au/admin/file/content102/c3/Clarity_Assurance_Framework_19-04-2010.pdf", "period": "2010", "confidence": "medium" }, { "type": "strategie", "title": "Due Process Framework for Developing, Issuing and Maintaining AUASB Pronouncements and Other Publications", "url": "http://www.auasb.gov.au/media/jmzfbz3l/revised_dueprocframework_15_11_2021.pdf", "period": "2021", "confidence": "medium" }, { "type": "strategie", "title": "Framework for Assurance Engagements", "url": "https://www.auasb.gov.au/admin/file/content102/c3/Framework_27-06-2007.pdf", "period": "2007", "confidence": "medium" } ], "purpose": { "text": "Contribute to stakeholder confidence in:\n• the Australian economy, including its capital markets,\n• external reporting\n• enhanced credibility of external reporting through independent auditing and assurance by:\nAASB AUASB\nDeveloping, issuing and Developing, issuing and maintaining in\nmaintaining principles-based the public interest, Australian auditing\nAustralian accounting and and assurance standards and guidance\nexternal reporting standards and guidance that aid in reducing the cost of capital\nand guidance that meet user and enable Australian entities to\nneeds and enhance external compete effectively, both domestically\nreporting consistency and and internationally, by enhancing audit\nquality.\nand assurance consistency and quality.\n[CP p. 13]", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 13, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=13" }, "vision": null, "strategic_priorities": [ { "title": "Develop, issue and maintain principles-based, Australian accounting and reporting standards and guidance that meet the n", "description": "Develop, issue and maintain principles-based, Australian accounting and reporting standards and guidance that meet the needs of external report users (including financial reports) and are capable of being assured and enforced. For ‘publicly accountable1’ entities maintain IFRS2 compliance; for others, use IFRS Standards (where they exist), and transaction neutrality (modified as necessary), or develop Australian-specific standards and guidance.", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 14, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14" }, { "title": "Play a leading role in the reshaping of the Australian external reporting environment by working with standard setters a", "description": "Play a leading role in the reshaping of the Australian external reporting environment by working with standard setters and regulators to set requirements proportionate to user needs and costs to preparers.", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 14, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14" }, { "title": "Actively influence IASB4, ISSB5, IPSASB6 standards and other international accounting and external reporting standards a", "description": "Actively influence IASB4, ISSB5, IPSASB6 standards and other international accounting and external reporting standards and guidance, by demonstrating thought leadership and enhancing key international relationships.", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 14, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14" }, { "title": "Attain significant levels of key stakeholder engagement, through collaboration, partnerships and outreach.", "description": "Attain significant levels of key stakeholder engagement, through collaboration, partnerships and outreach.", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 14, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14" }, { "title": "Influence initiatives to develop standards and guidance that meet user needs for external reporting integral to financia", "description": "Influence initiatives to develop standards and guidance that meet user needs for external reporting integral to financial reporting.", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 14, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14" }, { "title": "Monitor and respond to, or lead on, emerging issues impacting the development of accounting and external reporting stand", "description": "Monitor and respond to, or lead on, emerging issues impacting the development of accounting and external reporting standards, including changing technologies.", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 14, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14" }, { "title": "Develop guidance and education initiatives, or - promote development by others, to enhance the consistent application of", "description": "Develop guidance and education initiatives, or - promote development by others, to enhance the consistent application of accounting and external reporting standards and guidance.", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 14, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14" } ], "values": [ { "name": "transparency", "description": "", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": null }, { "name": "comparability", "description": "", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": null }, { "name": "accountability", "description": "", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": null }, { "name": "reliability", "description": "", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": null }, { "name": "comparability", "description": "", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": null }, { "name": "high quality independent assurance", "description": "", "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Develop a conceptual framework, not having the force of legislation, to facilitate the Australian economy by reducing the cost of capital; 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accounting and reporting standards", "jurisdiction": "UK", "run_by": "Financial Reporting Council (FRC)", "year": "1990", "status": "Active", "what_it_does": "The FRC sets and maintains UK accounting and reporting standards, ensuring high-quality financial reporting and transparency.", "why_relevant": "", "find_more_title": "Search FRC Standards", "find_more_url": "https://www.google.com/search?q=Financial+Reporting+Council+standards" }, { "name": "U.S. Generally Accepted Accounting Principles (GAAP)", "focus_area": "Development and maintenance of Australian accounting and reporting standards", "jurisdiction": "US", "run_by": "Financial Accounting Standards Board (FASB)", "year": "1973", "status": "Active", "what_it_does": "The FASB develops and maintains U.S. GAAP, which is a comprehensive framework for financial reporting in the United States.", "why_relevant": "", "find_more_title": "Search U.S. GAAP", "find_more_url": "https://www.google.com/search?q=U.S.+GAAP" }, { "name": "New Zealand External Reporting Board (NZXRB) Standards", "focus_area": "Reshaping the Australian external reporting framework", "jurisdiction": "New Zealand", "run_by": "New Zealand External Reporting Board (NZXRB)", "year": "1998", "status": "Active", "what_it_does": "The NZXRB develops and maintains external reporting standards for New Zealand, focusing on transparency and accountability.", "why_relevant": "", "find_more_title": "Search NZXRB Standards", "find_more_url": "https://www.google.com/search?q=New+Zealand+External+Reporting+Board+standards" }, { "name": "Canadian Accounting Standards for Private Enterprises (ASPE)", "focus_area": "Reshaping the Australian external reporting framework", "jurisdiction": "Canada", "run_by": "Canadian Institute of Chartered Accountants (CICA)", "year": "1990", "status": "Active", "what_it_does": "The CICA develops and maintains ASPE, providing guidelines for private enterprises in Canada to ensure consistent and transparent financial reporting.", "why_relevant": "", "find_more_title": "Search ASPE", "find_more_url": "https://www.google.com/search?q=Canadian+Accounting+Standards+for+Private+Enterprises" }, { "name": "International Public Sector Accounting Standards (IPSAS)", "focus_area": "Influencing international accounting and reporting standards", "jurisdiction": "International (IPSASB)", "run_by": "International Public Sector Accounting Standards Board (IPSASB)", "year": "2001", "status": "Active", "what_it_does": "The IPSASB develops and maintains IPSAS, which are used by public sector entities worldwide to ensure transparent and accountable financial reporting.", "why_relevant": "", "find_more_title": "Search IPSAS", "find_more_url": "https://www.google.com/search?q=International+Public+Sector+Accounting+Standards" }, { "name": "European Financial Reporting Advisory Group (EFRAG)", "focus_area": "Influencing international accounting and reporting standards", "jurisdiction": "EU", "run_by": "European Financial Reporting Advisory Group (EFRAG)", "year": "2001", "status": "Active", "what_it_does": "EFRAG provides advice on European financial reporting standards and ensures the development of high-quality, transparent, and consistent standards across the EU.", "why_relevant": "", "find_more_title": "Search EFRAG", "find_more_url": "https://www.google.com/search?q=European+Financial+Reporting+Advisory+Group" }, { "name": "Global Reporting Initiative (GRI)", "focus_area": "Stakeholder engagement and outreach", "jurisdiction": "International", "run_by": "Global Reporting Initiative (GRI)", "year": "1997", "status": "Active", "what_it_does": "The GRI develops global sustainability reporting standards and promotes stakeholder engagement through transparent and accountable reporting practices.", "why_relevant": "", "find_more_title": "Search GRI", "find_more_url": "https://www.google.com/search?q=Global+Reporting+Initiative" }, { "name": "OECD Best Practices for Business", "focus_area": "Stakeholder engagement and outreach", "jurisdiction": "International (OECD)", "run_by": "Organisation for Economic Co-operation and Development (OECD)", "year": "1961", "status": "Active", "what_it_does": "The OECD develops best practices for business operations and reporting, promoting transparency and accountability globally.", "why_relevant": "", "find_more_title": "Search OECD Best Practices", "find_more_url": "https://www.google.com/search?q=OECD+best+practices+for+business" } ], "count": 9 }, "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": null, "vision_source_page": null, "purposes": "Contribute to stakeholder confidence in:\n• the Australian economy, including its capital markets,\n• external reporting\n• enhanced credibility of external reporting through independent auditing and assurance by:\nAASB AUASB\nDeveloping, issuing and Developing, issuing and maintaining in\nmaintaining principles-based the public interest, Australian auditing\nAustralian accounting and and assurance standards and guidance\nexternal reporting standards and guidance that aid in reducing the cost of capital\nand guidance that meet user and enable Australian entities to\nneeds and enhance external compete effectively, both domestically\nreporting consistency and and internationally, by enhancing audit\nquality.\nand assurance consistency and quality.\n[CP p. 13]", "purposes_source_page": 13, "how_we_deliver": "The Boards comply with The Australian Government Guide to Regulation when assessing the regulatory effects of significant changes.\nThe AASB and AUASB use their Due Process and Evidence Informed Frameworks to ensure the quality of their standards and that the benefits of its standards outweigh the costs to its constituents.\n[CP p. 20]", "how_we_deliver_source_page": 20, "government_priorities": [ { "text": "Develop, issue and maintain principles-based, Australian accounting and reporting standards and guidance that meet the needs of external report 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For ‘publicly accountable1’ entities maintain IFRS2 compliance; for others, use IFRS Standards (where they exist), and transaction neutrality (modified as necessary), or develop Australian-specific standards and guidance.", "source_page": 14 }, { "text": "Play a leading role in the reshaping of the Australian external reporting environment by working with standard setters and regulators to set requirements proportionate to user needs and costs to preparers.", "source_page": 14 }, { "text": "Actively influence IASB4, ISSB5, IPSASB6 standards and other international accounting and external reporting standards and guidance, by demonstrating thought leadership and enhancing key international relationships.", "source_page": 14 }, { "text": "Attain significant levels of key stakeholder engagement, through collaboration, partnerships and outreach.", "source_page": 14 }, { "text": "Influence initiatives to develop standards and guidance that meet user needs for external reporting integral to financial reporting.", "source_page": 14 }, { "text": "Monitor and respond to, or lead on, emerging issues impacting the development of accounting and external reporting standards, including changing technologies.", "source_page": 14 }, { "text": "Develop guidance and education initiatives, or - promote development by others, to enhance the consistent application of accounting and external reporting standards and guidance.", "source_page": 14 } ], "outcomes": [ { "name": "Outcome 1: Develop a conceptual framework, not having the force of legislation, to facilitate the Australian economy by reducing the cost of capital; enable Australian entities to compete effectively; and maintain investor confidence in the Australian economy, including capital markets.", "description": "Develop a conceptual framework, not having the force of legislation, to facilitate the Australian economy by reducing the cost of capital; enable Australian entities to compete effectively; and maintain investor confidence in the Australian economy, including capital markets.\n[CP p. 51]", "key_activities": [ "Develop, issue and maintain principles-based, Australian accounting and reporting standards and guidance that meet the needs of external report users (including financial reports) and are capable of being assured and enforced. 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"Collaborate with the IAASB and likeminded Global and National Auditing Standards Setters (“NSS”) on common global and other projects relevant to the AUASB work program", "source_page": 47 }, { "code": "PBS Outcome 1", "measure": "Demonstrate the AUASB’s influence on major international auditing and assurance developments", "target": "AUASB Chair member of IAASB/IESBA Stakeholder Advisory Council and IAASB National Standard Setters group", "source_page": 47 }, { "code": "PBS Outcome 1", "measure": "Provide input to the international standard setting process through responding to international pronouncements using input from Australian stakeholders", "target": "Responses to each IAASB Exposure Draft or Discussion Paper developed with appropriate AUASB input and sent to the IAASB by the closing date", "source_page": 48 }, { "code": "PBS Outcome 1", "measure": "Maintain harmonisation of auditing and assurance standards in Australia and New Zealand in accordance with relevant agreements 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