{ "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_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; 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]", "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. 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.", "With the AUASB, play a leading role in reshaping the Australian external reporting framework by working with regulators to develop objective criteria on:\n• who prepares external reports (including financial reports)\n• the nature and extent of assurance required on these external reports." ], "source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "source_page": 51, "source_deep_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=51" } ], "performance_measures": [ { "code": "PBS Outcome 1", "measure": "Build and maintain strong international relationships with the IAASB and likeminded National Auditing Standards Setters (“NSS”) on common global and other projects relevant to the AUASB work program", "target": "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", "latest_result": "Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting.", "status": "Achieved", "target_source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "target_source_page": 47, "result_source_url": "", "result_source_page": 50 }, { "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", "latest_result": "Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting.", "status": "Achieved", "target_source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "target_source_page": 47, "result_source_url": "", "result_source_page": 50 }, { "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", "latest_result": "Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting.", "status": "Achieved", "target_source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "target_source_page": 48, "result_source_url": "", "result_source_page": 50 }, { "code": "PBS Outcome 1", "measure": "Maintain harmonisation of auditing and assurance standards in Australia and New Zealand in accordance with relevant agreements and protocols", "target": "Chair of AUASB is member of NZAuASB and Chair of NZAuASB is member of AUASB.", "latest_result": "Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting.", "status": "Achieved", "target_source_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf", "target_source_page": 48, "result_source_url": "", "result_source_page": 50 } ], "document_alignment_terms": { "must_support": [ "Contribute to stakeholder confidence in:\n• the Australian economy, including its capital markets,\n• external reporting\n• enhanced credibility of external reporting through independ", "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.", "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.", "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.", "Attain significant levels of key stakeholder engagement, through collaboration, partnerships and outreach.", "Influence initiatives to develop standards and guidance that meet user needs for external reporting integral to financial reporting.", "Monitor and respond to, or lead on, emerging issues impacting the development of accounting and external reporting standards, including changing technologies.", "Develop guidance and education initiatives, or - promote development by others, to enhance the consistent application of accounting and external reporting standards and guidance." ], "watch_terms": [ "Build and maintain strong international relationships with the IAASB and likeminded National Auditing Standards Setters (“NSS”) on common global and other projects relevant to the AUASB work program", "Demonstrate the AUASB’s influence on major international auditing and assurance developments", "Provide input to the international standard setting process through responding to international pronouncements using input from Australian stakeholders", "Maintain harmonisation of auditing and assurance standards in Australia and New Zealand in accordance with relevant agreements and protocols" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "strategy_brief_md": "# Office of the Auditing and Assurance Standards Board — Strategy Brief\n\n**Reporting period**: 2024-25\n**Corporate plan in force**: 2025-26\n**Corporate Plan**: [2025-26](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf)\n\n## Our purpose / purposes\n\n> 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](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=13) [[CP p.13](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=13)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=13)]\n\n## How we deliver\n\n> 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](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=20) [[CP p.20](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=20)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=20)]\n\n## Government priorities for this department\n\n- 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. [[CP p.14](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)]\n- 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. [[CP p.14](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)]\n- 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. [[CP p.14](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)]\n- Attain significant levels of key stakeholder engagement, through collaboration, partnerships and outreach. [[CP p.14](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)]\n- Influence initiatives to develop standards and guidance that meet user needs for external reporting integral to financial reporting. [[CP p.14](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)]\n- Monitor and respond to, or lead on, emerging issues impacting the development of accounting and external reporting standards, including changing technologies. [[CP p.14](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)]\n- Develop guidance and education initiatives, or - promote development by others, to enhance the consistent application of accounting and external reporting standards and guidance. [[CP p.14](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=14)]\n\n## Outcomes\n\n### 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.\nDevelop 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](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=51) [[CP p.51](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=51)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=51)]\n\n**Key activities:**\n- 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.\n- With the AUASB, play a leading role in reshaping the Australian external reporting framework by working with regulators to develop objective criteria on:\n• who prepares external reports (including financial reports)\n• the nature and extent of assurance required on these external reports.\n\n## Values and principles\n\n_APS Values_\n\n- transparency\n- comparability\n- accountability\n- reliability\n- comparability\n- high quality independent assurance\n\n## What they will measure themselves on this year (targets from 2025-26 corporate plan)\n\n| Code | Measure | Target | Source |\n|---|---|---|---|\n| PBS Outcome 1 | Build and maintain strong international relationships with the IAASB and likeminded National Auditing Standards Setters (“NSS”) on common global and other projects relevant to the AUASB work program | 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 | [CP p.47](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=47)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=47) |\n| PBS Outcome 1 | Demonstrate the AUASB’s influence on major international auditing and assurance developments | AUASB Chair member of IAASB/IESBA Stakeholder Advisory Council and IAASB National Standard Setters group | [CP p.47](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=47)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=47) |\n| PBS Outcome 1 | Provide input to the international standard setting process through responding to international pronouncements using input from Australian stakeholders | Responses to each IAASB Exposure Draft or Discussion Paper developed with appropriate AUASB input and sent to the IAASB by the closing date | [CP p.48](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=48)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=48) |\n| PBS Outcome 1 | Maintain harmonisation of auditing and assurance standards in Australia and New Zealand in accordance with relevant agreements and protocols | Chair of AUASB is member of NZAuASB and Chair of NZAuASB is member of AUASB. | [CP p.48](http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=48)(http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf#page=48) |\n\n## How they performed last year (results from 2024-25 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| PBS Outcome 1 | Engagement with stakeholders through new and existing AUASB communications activities and events | Maintain and update the AUASB Digital Standards Portal | Achieved | AR p.50 |\n| PBS Outcome 1 | Promote AUASB guidance through various communication channels | Develop and maintain technical content for the AUASB website | Achieved | AR p.50 |\n| PBS Outcome 1 | Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting. | Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting. | Achieved | AR p.50 |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Office of the Auditing and Assurance Standards Board - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-09T21:49:51.921791+00:00\n**Entity ID**: O-000939\n**Entity type**: Non-corporate Commonwealth Entity\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n**Website**: http://www.auasb.gov.au\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| corporate-plans | 5 |\n| global-intelligence | 4 |\n| other-pdfs | 5 |\n| pages | 18 |\n| strategies | 5 |\n\n## Executive Readout\n\n### Purpose\n\n- [Page 2]\nContents\nPreface 3\nIntroduction 4\nAccountable authority approval 4\nThe purpose of the AASB and AUASB 7\nObjectives for accounting and auditing and assurance standard setting in Australia 8\nFunctions 8\nEnvironment 9\nThe Australian Reporting Framework 9\nSetting standards in the global economy 18\nRegulatory 21\nRisk oversight and management 22\nPerformance: achieving our strategy 25\nVision, mission and strategy 25\nActivities mapped to strategy and KPIs for measuring success 25\nCapability: Strategic enablers 26\nPage 2 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\n(Impact) What do we need to do? (Objectives) Measures of success outputs & outcomes\n21 22 23 24\nPBS Outcome 1 Seek feedback on proposed changes X X X X ▪ Publish and address findings from AUASB Consultation\nPBS Programs 1 to assurance requirements to ensure Paper on the Audits of Less Complex Entities (LCEs),\nPBS Deliverable 2 they are fit for the intended purpose including feedback to IAASB on proposed LCE standard\nPBS Performance and support changes to the external ▪ Engage with AASB and relevant stakeholders to determine\nCriteria 2, 3, 5 & 6 reporting framework assurance issues related to changes to the external reporting\nframework and support AASB project to define appropriate\nPage 33 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\n(Impact) What do we need to do? (Objectives) Measures of success outputs & outcomes\n22 23 24 25\nPBS Outcome 1 Seek feedback on proposed changes X X X X ▪ Engage with AASB and relevant stakeholders to determine\nPBS Programs 1 to assurance requirements to ensure assurance issues related to changes to the external reporting\nPBS Deliverable 2 they are fit for the intended purpose framework\nPBS Performance and support changes to the external ▪ Work with the AASB to conduct outreach and develop\nCriteria 2, 3, 5 & 6 reporting framework appropriate guidance materials on any changes to assurance\nrequirements relating to changes to the external reporting\nframework\nSupport initiatives that promote X X X X ▪ Share and collaborate with the AASB on common areas of\nconsistency and understanding of the focus for Reporting and Assurance Frameworks, including\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Link to strategy Year\n(Impact) What do we need to do? (Objectives) Measures of success outputs & outcomes\n23 24 25 26\nPBS Outcome 1 Seek feedback on proposed changes X X X X ▪ Engage with AASB and relevant stakeholders to determine\nPBS Programs 1 to assurance requirements to ensure assurance issues related to changes to the external reporting\nPBS Deliverable 2 they are fit for the intended purpose framework\nPBS Performance and support the implementation of ▪ Work with The Treasury and the AASB to conduct outreach\nCriteria 2, 3, 5 & 6 sustainability reporting in Australia and develop appropriate guidance materials on any changes\nto assurance requirements relating to the implementation of\nSustainability related reporting requirements in Australia.\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n\n### Role and Functions\n\n- [Page 2]\nContents\nPreface 3\nIntroduction 4\nAccountable authority approval 4\nThe purpose of the AASB and AUASB 7\nObjectives for accounting and auditing and assurance standard setting in Australia 8\nFunctions 8\nEnvironment 9\nThe Australian Reporting Framework 9\nSetting standards in the global economy 18\nRegulatory 21\nRisk oversight and management 22\nPerformance: achieving our strategy 25\nVision, mission and strategy 25\nActivities mapped to strategy and KPIs for measuring success 25\nCapability: Strategic enablers 26\nPage 2 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [pages 30,31,32,33]\nrmance criteria are aligned to the AASB’s and the AUASB’s Portfolio Budget\nStatements (‘PBS’) for 2022-2023.\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- [pages 28,29,30,31]\nstandards\n• Perceived or actual loss of independence of the Submissions and presentations to public enquiries when\nBoard and ability to act in the public interest requested (e.g., Joint Parliamentary Inquiry into the\nRegulation of auditing in Australia.)\nMultiple other regulators • Accounting and auditing standards: • Regular liaison with other key regulators\nrequiring and/or enforcing o required inappropriately • Collaboration with other regulators when developing\naccounting and auditing o not enforced appropriately standards\nstandards. • Stakeholders not understanding AASB and AUASB • Working with regulators and practitioners to develop\nresponsibilities guidance in response to inspection review findings\n• Brand and reputation issues as standards not seen\nas fit for purpose\nPage 28 of 47\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n- [pages 31,32,33,34]\naligned to the AASB’s and the AUASB’s Portfolio\nBudget Statements (‘PBS’) for 2023-2024.\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n- Item Responsibility\nPRIVATE SESSION [Board Members, Staff Only]\n10:00 am 1 Private AUASB discussion Doug Niven\nPUBLIC SESSION [Open to Members of the Public for Virtual Attendance]\n10:30 am 2 NZAuASB Chair’s Update – 1 April 2026 meeting* Graeme Pinfold\nRevised GS 002 Audit Implications of Prudential\nMarina\n10:45 am 3\nReporting Requirements for Registered\nMichaelides\nSuperannuation Entities\n11:45 am Break\nUpdate on revised GS 007 Audit Implications for the\n12:00 pm 4 Use of Service Organisations for Investment Arti Naidu\nManagement Services\n12:55 pm 5 Close * Doug Niven\nThe timing of Agenda items is subject to change on the day of the meeting.\n*These items are verbal updates only and there are no associated board papers.\n Source: `other-pdfs/publicagenda_m174.pdf (http://www.auasb.gov.au/media/2xdh3f2d/publicagenda_m174.pdf)`\n- The role and responsibilities of the RSE auditor under SPS 310 will include at a minimum,\nreporting in an auditor’s report:\n(a) a reasonable assurance opinion on the requirements in SPS 310 paragraph 22(a)(i), (ii)\nand (iii); and\n(b) a limited assurance conclusion on the requirements in SPS 310 paragraph 22(b)(i), (ii)\nand (iii).\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n\n### Strategic Priorities\n\n- Link to strategy Year\n(Impact) What do we need to do? (Objectives) Measures of success outputs & outcomes\n21 22 23 24\nPBS Outcome 1 Develop thought leadership and X X X X ▪ Project plans developed and 2021-22 outputs identified for\nPBS Program 1 implement strategic projects to improve each strategic priority area\nPBS Deliverable 5 auditing and assurance practice in ▪ Develop and implement outreach and engagement plans with\nPBS Performance priority areas such as Extended subject matter experts and key stakeholders for each\nCriteria 3, 4, 5, 6 & 7 External Reporting (EER), Audits of strategic thought leadership project area\nLess Complex Entities (LCEs) and the ▪ Regular updates provided to AUASB members at AUASB\nuse of Technology in the Audit meetings\n▪ AUASB board members or staff to publish articles or\npublications on selected strategic thought leadership project\nareas\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n22 23 24 25\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ Contribute to the development of the FRC Audit Quality Plan\nPBS Program 1 activities to implement the FRC’s Audit and deliver all AUASB Audit Quality activities as required\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ AUASB staff to develop auditing and assurance related papers\nPBS Performance improved audit quality outcomes in the for FRC meetings\nCriteria 3, 5 & 6 Australian auditing environment\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\nand other stakeholders to identify and improvements needed to auditing standards and develop\naddress significant inspection findings relevant guidance materials addressing common inspection\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n23 24 25 26\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ Contribute to FRC Audit Quality initiatives and deliver all\nPBS Program 1 activities to implement the FRC’s Audit AUASB Audit Quality activities as required\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ AUASB staff to develop auditing and assurance related papers\nPBS Performance improved audit quality outcomes in the for FRC meetings\nCriteria 3, 5 & 6 Australian auditing environment\nWork with regulators, the AASB, X X X X ▪ Undertake consultation with regulators and practitioners to\npractitioners and other stakeholders to identify improvements needed to auditing standards and\nidentify and provide appropriate develop relevant guidance materials\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n24 25 26 27\nPBS Outcome 1 Contribute to improved audit quality X X X X ▪ AUASB staff to develop relevant auditing and assurance\nPBS Program 1 outcomes in the Australian auditing related papers for FRC meetings\nPBS Deliverable 7 environment\nPBS Performance Work with regulators, the AASB, X X X X ▪ Undertake consultation with regulators and practitioners to\nCriteria 3, 5 & 6 practitioners and other stakeholders to identify improvements needed to auditing standards and\nidentify and provide appropriate develop relevant guidance materials\nguidance on significant areas identified ▪ Monitor and respond to recommendations arising from\nfor clarification or education in Parliamentary Inquiries, Treasury Consultation or other external\n Source: `corporate-plans/2024-25.pdf (http://www.auasb.gov.au/media/vz0kbhww/aasb-auasb_corporateplan2024-25.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n25 26 27 28\nPBS Outcome 1 Adopt international assurance standards, X X X X  Develop and maintain assurance standards responsive to\nPBS Program 1 supplemented by local guidance market needs and reporting developments and consistent with\nPBS Deliverable 7 international standards\nPBS Performance  Influence international standards and guidance\nCriteria 3, 5 & 6  Develop and maintain guidance and education materials to\nsupport implementation under the local reporting framework\nMaintain the requirements for phasing in X X X X  Monitor and assess market, legal and regulatory developments\nof limited and reasonable assurance for  Liaise with stakeholders to identify any factors affecting the\nreporting under the Act. adoption and implementation of assurance, including guidance,\n Source: `corporate-plans/2025-26.pdf (http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf)`\n- [pages 27,28,29,30]\nitive stakeholder feedback on education initiatives\nStrategic Priority 2 - Performance Activity Focus: Stakeholder Engagement\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n21 22 23 24\nStrategy 4 E nhance stakeholder engagement X X X X ▪ Key stakeholders identified by 30 June 2020 and planned\nPBS Outcome 1 program of engagement executed as planned\nProgram 1 ▪ Positive stakeholder feedback on the consultation process\nDeliverables 12,13 ▪ Increase in engagement results (newsletter, website, LinkedIn,\nKPIs 3,5 Twitter, webinar, outreach numbers)\nStrategy 4 Conduct Agenda consultations to X X ▪ Agenda consultation conducted every 3-5 years\nPBS Outcome 1 determine projects and priorities\nProgram 1\nDeliverables 15\nKPIs 5,\nPage 27 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 33]\nStrategic Priority 2 - Performance Activity Focus: Stakeholder Engagement\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n22 23 24 25\nStrategy 4 E nhance stakeholder engagement X X X X ▪ Maintain relationships with key stakeholders and planned\nPBS Outcome 1 program of engagement executed as planned\nProgram 1 ▪ Positive stakeholder feedback on the consultation process\nDeliverables 12,13 ▪ Increase in engagement results (newsletter, website,\nKPIs 3,5 LinkedIn, Twitter, webinar, outreach numbers)\nStrategy 4 Conduct Agenda consultations to determine X ▪ Agenda consultation conducted at least every 5 years\nPBS Outcome 1 projects and priorities\nProgram 1\nDeliverables 15\nKPIs 5,\nStrategic Priority 3 - Performance Activity Focus: People & Culture\nLink to strategy Year\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Program 1 experience and engagement ▪ Development of new standards portal to improve user access\nDeliverables 12, by 30 June 2023\nKPIs 5,\nStrategic Priority 5 - Performance Activity Focus: Operational & Business\nExcellence\nLink to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n22 23 24 25\nStrategies 1-7 Refresh strategy supporting operational X X X X ▪ Regularly revisit current strategy to determine impact of\nPBS Outcome 1 excellence and regulatory compliance implementation.\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Link to strategy Year\n(Impact) What do we need to do? (Objectives) Measures of success outputs & outcomes\n22 23 24 25\nPBS Outcome 1 Develop thought leadership and X X X X ▪ Project plans are developed with key outputs identified for\nPBS Program 1 implement strategic projects to each AUASB strategic priority area (including outreach\nPBS Deliverable 5 improve auditing and assurance plans with subject matter experts and key stakeholders\nPBS Performance practice in priority areas such as ▪ AUASB board members or staff to publish or contribute to\nCriteria 3, 4, 5, 6 & 7 Extended External Reporting (EER), articles or publications on selected strategic thought\nAudits of Less Complex Entities leadership project areas\n(LCEs) and the use of Technology in\nthe Audit\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- [Page 34]\nStrategic Priority 2 - Performance Activity Focus: Stakeholder Engagement\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n23 24 25 26\nStrategy 4 E nhance stakeholder engagement X X X X ▪ Maintain relationships with key stakeholders and planned\nPBS Outcome 1 program of engagement executed as planned\nProgram 1 ▪ Positive stakeholder feedback on the consultation process\nDeliverables 12,13 ▪ Increase in engagement results (newsletter, website,\nKPIs 3,5 LinkedIn, Twitter, webinar, outreach numbers)\nStrategy 4 Conduct Agenda consultations to determine X ▪ Agenda consultation conducted at least every 5 years\nPBS Outcome 1 projects and priorities\nProgram 1\nDeliverables 15\nKPIs 5,\nStrategic Priority 3 - Performance Activity Focus: People & Culture\nLink to strategy Year\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n\n## KPIs, Targets, and Where They Are At\n\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 22 23 24\nPBS Outcome 1 Issue Australian-specific AUASB X X X X ▪ Issue all Australian-specific AUASB Standards and Exposure\nPBS Program 1 standards and guidance in a timely Drafts within one month of AUASB approval\nPBS Deliverable 1 manner with accompanying ▪ Develop and implement Project Plans for the update or removal\nPBS Performance implementation materials and of all AUASB Guidance Statements (GS)identified as out of\nCriteria 2, 3, 5 & 6 communications that are tailored for date\nAustralian stakeholders ▪ Release updated GS within two weeks of approval by AUASB\n▪ Finalise conforming amendments and compilation standards as\na result of changes to AUASB standards within one month of\nthe AUASB standard being issued\nPage 30 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [pages 30,31,32]\nObjectives) Measures of success outputs & outcomes\n(Impact)\n21 22 23 24\nPBS Outcome 1 Issue Australian-specific AUASB X X X X ▪ Issue all Australian-specific AUASB Standards and Exposure\nPBS Program 1 standards and guidance in a timely Drafts within one month of AUASB approval\nPBS Deliverable 1 manner with accompanying ▪ Develop and implement Project Plans for the update or removal\nPBS Performance implementation materials and of all AUASB Guidance Statements (GS)identified as out of\nCriteria 2, 3, 5 & 6 communications that are tailored for date\nAustralian stakeholders ▪ Release updated GS within two weeks of approval by AUASB\n▪ Finalise conforming amendments and compilation standards as\na result of changes to AUASB standards within one month of\nthe AUASB standard being issued\nPage 30 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 5]\nThe AASB and AUASB Corporate Plan\nThe corporate plan of the AASB and AUASB sets out why we exist, what we need to do to achieve our purpose, the factors that influence how we\nachieve our purpose, the activities we intend to undertake and the ways in which we measure whether we have achieved our purpose, as set out in\nthe diagrams below.\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 7]\nThe corporate plan of the AASB and AUASB sets out why we exist, what we need to do to achieve our purpose, the factors that influence how we achieve\nour purpose, the activities we intend to undertake and the ways in which we measure whether we have achieved our purpose, as set out in the diagrams\nbelow.\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- [Page 7]\nThe corporate plans of the AASB and AUASB set out why we exist, what we need to do to achieve our purpose, the factors that influence how we achieve\nour purpose, the activities we intend to undertake and the ways in which we measure whether we have achieved our purpose, as set out in the diagrams\nbelow.\n Source: `corporate-plans/2024-25.pdf (http://www.auasb.gov.au/media/vz0kbhww/aasb-auasb_corporateplan2024-25.pdf)`\n- [Page 9]\nThe corporate plans of the AASB and AUASB set out why we exist, what we need to do to achieve our purpose, the factors that influence how\nwe achieve our purpose, the activities we intend to undertake and the ways in which we measure whether we have achieved our purpose, as set\nout in the diagrams below.\n Source: `corporate-plans/2025-26.pdf (http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf)`\n- [pages 36,37,38,39]\nontrols as they can result in operational risk incidents\nthat lead to operational risk losses.\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n- [Page 2]\nContents\nPreface 3\nIntroduction 4\nAccountable authority approval 4\nThe purpose of the AASB and AUASB 7\nObjectives for accounting and auditing and assurance standard setting in Australia 8\nFunctions 8\nEnvironment 9\nThe Australian Reporting Framework 9\nSetting standards in the global economy 18\nRegulatory 21\nRisk oversight and management 22\nPerformance: achieving our strategy 25\nVision, mission and strategy 25\nActivities mapped to strategy and KPIs for measuring success 25\nCapability: Strategic enablers 26\nPage 2 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 4]\nIntroduction\nAs agreed with the Department of Finance, the 2021-22 Corporate Plans for the Australian Accounting\nStandards Board (AASB) and Auditing and Assurance Standards Board (AUASB) have been prepared as\na single document, with the specific purpose and significant activities of each Board separately presented\nwhere required by Subsection 35(1) of the Public Governance, Performance and Accountability Act 2013.\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 26]\nAASB activities mapped to strategies and KPIs for measuring success\nStrategic Priority 1 - Performance Activity Focus: Brand/Reputation\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n21 22 23 24\nStrategy 2 Define appropriate reporting frameworks X X X X ▪ Appropriate framework for not-for-profit private and public\nPBS Outcome 14 for each of the three sectors - for-profit sector defined and other regulator (e.g.\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [pages 27,28,29,30]\nitive stakeholder feedback on education initiatives\nStrategic Priority 2 - Performance Activity Focus: Stakeholder Engagement\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n21 22 23 24\nStrategy 4 E nhance stakeholder engagement X X X X ▪ Key stakeholders identified by 30 June 2020 and planned\nPBS Outcome 1 program of engagement executed as planned\nProgram 1 ▪ Positive stakeholder feedback on the consultation process\nDeliverables 12,13 ▪ Increase in engagement results (newsletter, website, LinkedIn,\nKPIs 3,5 Twitter, webinar, outreach numbers)\nStrategy 4 Conduct Agenda consultations to X X ▪ Agenda consultation conducted every 3-5 years\nPBS Outcome 1 determine projects and priorities\nProgram 1\nDeliverables 15\nKPIs 5,\nPage 27 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 28]\nStrategic Priority 3 - Performance Activity Focus: People & Culture\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n21 22 23 24\nStrategies 1-7 Develop and implement People and X X X X ▪ Employee survey, employee engagement\nPBS Outcome 1 Culture strategy ▪ Building towards high-performance team as measured by\nProgram 1 Board and stakeholder feedback on delivery of program and all\nother measures of success\nNew starter processes improved to X X X X ▪ New team members embedded successfully within six months\nsupport flexible subject matter expert of starting as measured by internal and external stakeholders’\ninvolvement feedback (as appropriate)\nUnderstand current capability (talent X X X X ▪ Continuous review of external talent pool to timely identify\nmapping) when/where to buy or borrow capability\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 29]\nStrategic Priority 5 - Performance Activity Focus: Operational & Business Excellence\nLink to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 2 23 24\nStrategies 1-7 Refresh strategy supporting operational X X X X ▪ Regularly revisit current strategy to determine impact of\nPBS Outcome 1 excellence and regulatory compliance implementation\nProgram 1 ▪ Comply with regulatory obligations\n▪\nKnowledge and information sharing X X X X ▪ Key knowledge imparted across teams within six months of\nsupport flexible subject matter expert joining\ninvolvement\nContinuous improvement of operational X X X X ▪ Review of operational processes on an ongoing basis\nprocesses to achieve planned\noutcomes\nStrategic Priority 6 - Performance Activity Focus: Program & Project Management\nLink to strategy Year\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 22 23 24\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ AUASB contribute to the development of the FRC Audit Quality\nPBS Program 1 activities to implement the FRC’s Audit Plan\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ All AUASB Audit Quality activities delivered as required by the\nPBS Performance improved audit quality outcomes in the FRC Audit Quality Plan\nCriteria 3, 5 & 6 Australian auditing environment ▪ AUASB staff to develop auditing and assurance related papers\nfor FRC meetings\n▪ Collaborate with FRC and other relevant stakeholders on\nresponses to the Parliamentary Joint Committee Inquiry on the\nregulation of Auditing\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n\n## Key Metrics\n\n- Financial risk of inadequate • Limited finances, headcount flexibility and IT • Maximise use of existing resources, collaborate with other\nfunding to perform mandate. spend impact on the quality of standards government agencies\n• MOU for shared services between AASB and AUASB regularly\nreviewed\n• Regular benchmarking of Australian standard-setting process\nagainst international counterparts\n• Identify joint projects and opportunities to leverage resources with\nother like-minded standard setters\nOperational legislative • Non-compliance • Oversight by the Audit and Risk Committee with independent\nrequirements and government • Critical business systems failure (data security, members, compliance with Commonwealth Risk Management\npolicies are numerous, complex business continuity) Policy\nand subject to frequent change.\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Factors impacting the risk assessment for engagements under SPS 310 may include:\n(a) the reliability of the reporting systems;\n(b) the risk culture of the RSE licensee;\n(c) the adequacy of systems and controls to identify, assess, manage, mitigate and monitor\nmaterial risks;\n(d) history of non-compliance by the RSE licensee;\n(e) reported concerns regarding the RSE licensee as communicated by APRA;\n(f) the estimation and uncertainty inherent in the measurement methodologies applied by\nthe RSE licensee with respect to aspects such as valuation of assets, expenses and\nrevenue from superannuation activities;\n(g) any bias inherent in the measurement methodologies adopted by the RSE;\n(h) level of change in the RSE licensee's business operation’s or environment.\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n- The AASB has a Conceptual framework that sets out the purpose of preparing financial statements, the\nkey elements of financial statements (assets, liabilities, revenue, expenses and equity) and provides\nguidance on how to set standards.\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 22 23 24\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ AUASB contribute to the development of the FRC Audit Quality\nPBS Program 1 activities to implement the FRC’s Audit Plan\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ All AUASB Audit Quality activities delivered as required by the\nPBS Performance improved audit quality outcomes in the FRC Audit Quality Plan\nCriteria 3, 5 & 6 Australian auditing environment ▪ AUASB staff to develop auditing and assurance related papers\nfor FRC meetings\n▪ Collaborate with FRC and other relevant stakeholders on\nresponses to the Parliamentary Joint Committee Inquiry on the\nregulation of Auditing\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\n(Impact) What do we need to do? (Objectives) Measures of success outputs & outcomes\n21 22 23 24\nPBS Outcome 1 Develop thought leadership and X X X X ▪ Project plans developed and 2021-22 outputs identified for\nPBS Program 1 implement strategic projects to improve each strategic priority area\nPBS Deliverable 5 auditing and assurance practice in ▪ Develop and implement outreach and engagement plans with\nPBS Performance priority areas such as Extended subject matter experts and key stakeholders for each\nCriteria 3, 4, 5, 6 & 7 External Reporting (EER), Audits of strategic thought leadership project area\nLess Complex Entities (LCEs) and the ▪ Regular updates provided to AUASB members at AUASB\nuse of Technology in the Audit meetings\n▪ AUASB board members or staff to publish articles or\npublications on selected strategic thought leadership project\nareas\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [pages 30,31,32,33]\nrmance criteria are aligned to the AASB’s and the AUASB’s Portfolio Budget\nStatements (‘PBS’) for 2022-2023.\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- [Page 32]\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n22 23 24 25\n• appropriate consultation in\naccordance with the due process\nframework\n• preparation of regulatory impact\nstatement assessing costs and\nbenefits\nStrategy 1,3,4 Post-implementation reviews conducted X X X X ▪ No significant changes needed\nPBS Outcome 1 (PIR) for all significant projects to assess ▪ PIR feedback is acted upon\nProgram 1 quality of standard-setting ▪ No evidence not contributing to the confidence in the\nDeliverables 1,2 economy.\n▪ Feedback from ASIC, APRA, ACNC surveillance reviews\ndoes not indicate loss of confidence due to accounting\nstandard issues\n▪ No significant decline in relevance of financial statements in\nthe capital market\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n22 23 24 25\nPBS Outcome 1 Build and maintain strong international X X X X ▪ Collaborate with the IAASB and likeminded National\nPBS Program 1 relationships with the IAASB and like- Auditing Standards Setters (“NSS”, particularly New\nPBS Deliverable 3 minded Global and National Auditing Zealand and Canada) on common global and other projects\nPBS Performance Standard Setters, particularly New relevant to the AUASB work program\nCriteria 1, 3, 4 & 7 Zealand and Canada. ▪ Identify and implement initiatives to collaborate on\ninternational auditing and assurance focus areas with other\nkey national standard-setters\nDemonstrate the AUASB’s influence X X X X ▪ AUASB Chair and Technical Team member to attend all\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n22 23 24 25\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ Contribute to the development of the FRC Audit Quality Plan\nPBS Program 1 activities to implement the FRC’s Audit and deliver all AUASB Audit Quality activities as required\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ AUASB staff to develop auditing and assurance related papers\nPBS Performance improved audit quality outcomes in the for FRC meetings\nCriteria 3, 5 & 6 Australian auditing environment\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\nand other stakeholders to identify and improvements needed to auditing standards and develop\naddress significant inspection findings relevant guidance materials addressing common inspection\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Link to strategy Year\n(Impact) What do we need to do? (Objectives) Measures of success outputs & outcomes\n22 23 24 25\nPBS Outcome 1 Develop thought leadership and X X X X ▪ Project plans are developed with key outputs identified for\nPBS Program 1 implement strategic projects to each AUASB strategic priority area (including outreach\nPBS Deliverable 5 improve auditing and assurance plans with subject matter experts and key stakeholders\nPBS Performance practice in priority areas such as ▪ AUASB board members or staff to publish or contribute to\nCriteria 3, 4, 5, 6 & 7 Extended External Reporting (EER), articles or publications on selected strategic thought\nAudits of Less Complex Entities leadership project areas\n(LCEs) and the use of Technology in\nthe Audit\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n\n## Key Achievements\n\n- ACNC) sponsorship\nProgram 1 (e.g., listed and large proprietary obtained by 30/6/2024\nDeliverables 3 companies), not-for-profit (e.g. charities)\nand public sector\nStrategy 1,5,6 Agree on 3-year program of work and X X X X ▪ Annual program of standards issued, delivered to plan agreed\nPBS Outcome 1 deliver with the Board\nProgram 1 • Maintain IFRS and New Zealand ▪ IASB equivalent Standards issued within two months of the\nDeliverables 1,2,4,7,8 compliance for for-profit Private sector release of the IFRS for for-profit entities\nKPIs 1, 2, “publicly accountable” entities ▪ IFRS and NZ compliance maintained for the for-profit private\n• Tailor IFRS appropriately for other sector “publicly accountable” entities\nsectors, including developing ▪ Feedback from NFP sector positive regarding the\nAustralian specific guidance appropriateness of the IFRS tailoring\n• Develop guidance on external\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 28]\nStrategic Priority 3 - Performance Activity Focus: People & Culture\nLink to strategy Year\nWhat do we need to do? (Objectives) (Measures of success outputs & outcomes)\n(Impact)\n21 22 23 24\nStrategies 1-7 Develop and implement People and X X X X ▪ Employee survey, employee engagement\nPBS Outcome 1 Culture strategy ▪ Building towards high-performance team as measured by\nProgram 1 Board and stakeholder feedback on delivery of program and all\nother measures of success\nNew starter processes improved to X X X X ▪ New team members embedded successfully within six months\nsupport flexible subject matter expert of starting as measured by internal and external stakeholders’\ninvolvement feedback (as appropriate)\nUnderstand current capability (talent X X X X ▪ Continuous review of external talent pool to timely identify\nmapping) when/where to buy or borrow capability\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 29]\nStrategic Priority 5 - Performance Activity Focus: Operational & Business Excellence\nLink to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 2 23 24\nStrategies 1-7 Refresh strategy supporting operational X X X X ▪ Regularly revisit current strategy to determine impact of\nPBS Outcome 1 excellence and regulatory compliance implementation\nProgram 1 ▪ Comply with regulatory obligations\n▪\nKnowledge and information sharing X X X X ▪ Key knowledge imparted across teams within six months of\nsupport flexible subject matter expert joining\ninvolvement\nContinuous improvement of operational X X X X ▪ Review of operational processes on an ongoing basis\nprocesses to achieve planned\noutcomes\nStrategic Priority 6 - Performance Activity Focus: Program & Project Management\nLink to strategy Year\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 22 23 24\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ AUASB contribute to the development of the FRC Audit Quality\nPBS Program 1 activities to implement the FRC’s Audit Plan\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ All AUASB Audit Quality activities delivered as required by the\nPBS Performance improved audit quality outcomes in the FRC Audit Quality Plan\nCriteria 3, 5 & 6 Australian auditing environment ▪ AUASB staff to develop auditing and assurance related papers\nfor FRC meetings\n▪ Collaborate with FRC and other relevant stakeholders on\nresponses to the Parliamentary Joint Committee Inquiry on the\nregulation of Auditing\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 35]\nStrategic Priority 6 - Performance Activity Focus: Program & Project\nManagement\nLink to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n22 23 24 25\nStrategies 1-7 Develop, implement and improve X X X X ▪ Continuous review and improvement of program and project\nPBS Outcome 1 program and project management management approach\nProgram 1\nIdentify and establish frameworks and X X X X ▪ Review processes and frameworks so team members are clear\nprocesses to allocate resources and deliver on expectations\nappropriately, establish and monitor ▪ Further enhancements implemented based on regular program\naccountabilities a nd project management meetings\nAllocate resources efficiently and X X X X ▪ Deliver agreed program of work as planned\neffectively\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- [Page 36]\nStrategic Priority 6 - Performance Activity Focus: Program & Project\nManagement\nLink to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n23 24 25 26\nStrategies 1-7 Develop, implement and improve X X X X ▪ Continuous review and improvement of program and project\nPBS Outcome 1 program and project management management approach\nProgram 1\nIdentify and establish frameworks and X X X X ▪ Review processes and frameworks so team members are clear\nprocesses to allocate resources and deliver on expectations\nappropriately, establish and monitor ▪ Further enhancements implemented based on regular program\naccountabilities a nd project management meetings\nAllocate resources efficiently and X X X X ▪ Deliver agreed program of work as planned\neffectively\nPage 36 of 47\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n- [Page 37]\nStrategic Priority 6 - Performance Activity Focus: Program & Project\nManagement\nLink to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n24 25 26 27\nStrategies 1-7 Develop, implement and improve X X X X ▪ Continuous review and improvement of program and project\nPBS Outcome 1 program and project management management approach\nProgram 1\nIdentify and establish frameworks and X X X X ▪ Review processes and frameworks so team members are clear\nprocesses to allocate resources and deliver on expectations\nappropriately, establish and monitor ▪ Further enhancements implemented based on regular program\naccountabilities a nd project management meetings\nAllocate resources efficiently and X X X X ▪ Deliver agreed program of work as planned\neffectively\nPage 37 of 48\n Source: `corporate-plans/2024-25.pdf (http://www.auasb.gov.au/media/vz0kbhww/aasb-auasb_corporateplan2024-25.pdf)`\n- [Page 45]\nStrategic Priority 6 - Performance Activity Focus: Program & Project\nManagement\nLink to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n25 26 27 28\nStrategies 1-7 Develop, implement and improve X X X X  Continuous review and improvement of program and project\nPBS Outcome 1 program and project management management approach\nProgram 1\nIdentify and establish frameworks and X X X X  Review processes and frameworks so team members are clear\nprocesses to allocate resources and deliver on expectations\nappropriately, establish and monitor  Further enhancements implemented based on regular program\naccountabilities a nd project management meetings\nAllocate resources efficiently and X X X X  Deliver agreed program of work as planned\neffectively\nPage 45 of 57\n Source: `corporate-plans/2025-26.pdf (http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf)`\n- [Page 12]\nJoint IESBA and IAASB Stakeholder Survey\nStrategy and Workplans for 2028-2031\nB.2 – Changes in the Geopolitical and Regulatory Landscape - Risk of Fragmentation\n0\n6 4 3 1\n5 2 I do not agree\nStrongly Slightly Slightly Strongly\nIncreasing in Decreasing in that this is a\nincreasing in increasing in decreasing in decreasing in\nimportance importance trend to be\nimportance importance importance importance\nconsidered\n[If a respondent selects “6 to 1”]\nDo you wish to highlight any matters relating to this trend or identified impacts, or any additional\nimpacts, for the IAASB or IESBA or both the SSBs?\n[If a respondent selects “0”]\nPlease explain why you do not believe this should be considered a relevant trend for the SSBs:\nB.3 Changes in the Geopolitical and Regulatory Landscape - Call for Greater Agility in Standard\nSetting\n0\n6 4 3 1\n5 2 I do not agree\n Source: `other-pdfs/iaasb-iesba-jointstakeholdersurvey.pdf (http://www.auasb.gov.au/media/omdnanxc/iaasb-iesba-jointstakeholdersurvey.pdf)`\n- Date Description/AUASB timing Date NZAuASB Timing\n14 Feb 2025 Initial discussion AUASB staff 18 Feb 2025 Initial NZAuASB Discussion\n2 April 2025 Project scope issues discussed at Joint project same timing\n1st PAG meeting – inform plan\n9 April 2025 NZAuASB updated on project\nprogress and scope\n14 May 2025 Plan approval by AUASB Board TBC Plan approval by NZ Board\n3 April to Dec Project work undertaken and Joint project same timing\n2025 ongoing PAG review\nJan/Feb 2026 Early draft of GS/EG for PAG Joint project same timing\nreview\nFeb/Mar 2026 Final draft of GS/EG to Board for Feb/Mar 2026 Final draft of GS/EG to Board for\nreview/approval review/approval\nCommunication with stakeholders\nThe necessary AUASB / NZAuASB protocols will be followed to issue updated non-authoritative\npronouncements.\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n- [pages 15,16,17,18]\ninfluence during the formative stages of standards development, in 2019-20 the\nAUASB implemented a revised process for issuing IAASB Exposure Drafts (EDs) in Australia, where the\nEDs are issued concurrently with their release internationally.\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 22 23 24\nPBS Outcome 1 Issue all IAASB-based AUASB standards X X X X ▪ Issue all Australian IAASB equivalent Standards and Exposure\nPBS Program 1 and guidance in a timely manner with Drafts within 3 months of PIOB clearance or 1 month of AUASB\nPBS Deliverable 1 accompanying implementation materials approval, as appropriate\nPBS Performance and communications that are tailored for ▪ Release Exposure Drafts/Discussion Papers via the AUASB\nCriteria 1, 3, 4, 6 & 7 Australian stakeholders Website within two weeks of approval by AUASB\n▪ AUASB implementation support materials and activities for all\nnew IAASB/AUASB standards in place before effective date\n▪\nSeek feedback on relevance, X X X X ▪ Stakeholder engagement and Communications plan developed\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n21 22 23 24\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ AUASB contribute to the development of the FRC Audit Quality\nPBS Program 1 activities to implement the FRC’s Audit Plan\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ All AUASB Audit Quality activities delivered as required by the\nPBS Performance improved audit quality outcomes in the FRC Audit Quality Plan\nCriteria 3, 5 & 6 Australian auditing environment ▪ AUASB staff to develop auditing and assurance related papers\nfor FRC meetings\n▪ Collaborate with FRC and other relevant stakeholders on\nresponses to the Parliamentary Joint Committee Inquiry on the\nregulation of Auditing\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 21]\nJoint IESBA and IAASB Stakeholder Survey\nStrategy and Workplans for 2028-2031\nAPPENDIX 1\nSUMMARY OF IAASB WORK PLAN\nTargeted Milestones\nProjects or Initiatives\n2026 2027\nPost-Implementation Review of ISA 540 Recommendations\n(Revised) 6\nPost-Implementation Review – Public Interest Revisit Public Interest\nEntity– Joint SSBs Action Entity definition\nMaintenance of The ISA for Less Complex Exposure Draft Final Standard\nEntities\nAudit Evidence and Risk Response Exposure Draft Final Standard\nISRE 24107 Exposure Draft Final Standard\nTechnology Quality Management Workstream Action Plan Ongoing Work\nWork commences\nOther Standards in the ISA 500-Series Project Proposal Post-exposure\nExposure Draft development\nPost-Implementation Review of ISA 315 Information Gathering\n(Revised 2019) 8\nISA 320 – Materiality in Planning and Information Gathering\nPerforming an Audit\n Source: `other-pdfs/iaasb-iesba-jointstakeholdersurvey.pdf (http://www.auasb.gov.au/media/omdnanxc/iaasb-iesba-jointstakeholdersurvey.pdf)`\n- [pages 32,33,34,35]\nsurance related papers\nfor FRC meetings\n▪ Collaborate with FRC and other relevant stakeholders on\nresponses to the Parliamentary Joint Committee Inquiry on the\nregulation of Auditing\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\nand other stakeholders to identify and areas which identify improvements needed to auditing\naddress significant inspection findings standards\nassociated with accounting and auditing ▪ Develop relevant guidance materials addressing common\nstandards inspection findings in key audit areas\n▪ Work with AASB to address accounting issues impacting audit\nquality\n▪ Monitor and respond to any recommendations from the Joint\nParliamentary Inquiry on the regulation of Auditing relevant to\nthe AUASB\nPage 32 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Area ASIC Report 816 – ‘What auditors should do’\n1 Assurance Auditors should consider the following steps when auditing the valuation of unlisted\nabout investments that are indirectly held and externally managed.\ninvestment • When performing their risk assessment procedures, auditors should understand the\nvaluations nature of the underlying assets, the methods, assumptions and sources of data used in\nthe valuation of those assets: see ASA 315 Identifying and Assessing the Risks of Material\nMisstatement (ASA 315).\n• When relying on the operating effectiveness of an external fund manager’s valuation\ncontrols, auditors should review the controls report provided by the other auditor and:\no challenge and assess the sufficiency of controls identified and tested\no where necessary, make further inquiries of the other auditor (directly or through the\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n- [Page 24]\n• • ● Legal contracts\n• ● Outsourced IT team\n• ● Agreed DRP/BCP solution involves Productivity Commission\nsupport\n• ● Incident management process\n• ● Management and compliance with Government Information\nSecurity requirements\nIndividual Person Risk Individual key person risk (legal, either private • ● Oversight of risk by Audit and Risk Committee\nor professional) resulting in perceived issues • ● Separation and segregation of duties\nrelating to delivery of business requirements, • ● Disclosure by staff of any legal issues that may have\nreputation of business and/or confidence in brand/reputation issues within a centrally maintained register\norganisation\nPage 24 of 39\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n22 23 24 25\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ Contribute to the development of the FRC Audit Quality Plan\nPBS Program 1 activities to implement the FRC’s Audit and deliver all AUASB Audit Quality activities as required\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ AUASB staff to develop auditing and assurance related papers\nPBS Performance improved audit quality outcomes in the for FRC meetings\nCriteria 3, 5 & 6 Australian auditing environment\nWork with ASIC, the AASB, practitioners X X X X ▪ Undertake consultation with ASIC and practitioners to identify\nand other stakeholders to identify and improvements needed to auditing standards and develop\naddress significant inspection findings relevant guidance materials addressing common inspection\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- [Page 30]\nStrategic risks Impact How we will manage these risks\nOperational legislative • Non-compliance • Oversight by the Audit and Risk Committee with independent\nrequirements and • Critical business systems failure (data security, members, compliance with Commonwealth Risk\ngovernment policies are business continuity) Management Policy\nnumerous, complex and • Brand and reputation issues • Software to assist in meeting compliance requirements\nsubject to frequent change. • Financial impact • Risk Register and Fraud Control Plan reviewed quarterly by\nInadequate technology to • Combined Chair and CEO role not recommended the Chairs and the ARC\ndeliver on objectives. best practice corporate governance • Regular training of AASB and AUASB staff on PGPA and APS\nCode of Conduct requirements\n• Regular review of IT strategy and capability\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n23 24 25 26\nPBS Outcome 1 With the FRC, devise and complete X X X X ▪ Contribute to FRC Audit Quality initiatives and deliver all\nPBS Program 1 activities to implement the FRC’s Audit AUASB Audit Quality activities as required\nPBS Deliverable 7 Quality Action Plan and contribute to ▪ AUASB staff to develop auditing and assurance related papers\nPBS Performance improved audit quality outcomes in the for FRC meetings\nCriteria 3, 5 & 6 Australian auditing environment\nWork with regulators, the AASB, X X X X ▪ Undertake consultation with regulators and practitioners to\npractitioners and other stakeholders to identify improvements needed to auditing standards and\nidentify and provide appropriate develop relevant guidance materials\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n- [Page 31]\nStrategic risks Impact How we will manage these risks\nOperational legislative • Non-compliance • Oversight by the Audit and Risk Committee with independent\nrequirements and • Critical business systems failure (data security, members, compliance with Commonwealth Risk Management\ngovernment policies are business continuity) Policy\nnumerous, complex and • Brand and reputation issues • Software to assist in meeting compliance requirements\nsubject to frequent change. • Financial impact • Risk Register and Fraud Control Plan reviewed quarterly by the\nInadequate technology to • Chairs and the ARC\ndeliver on objectives. • Regular training of AASB and AUASB staff on PGPA and APS\nCode of Conduct requirements\n• Regular review of IT strategy and capability\nCyber Security Risk • Risk that the entity faces denial of service Appropriate safeguards over critical business systems including:\n Source: `corporate-plans/2024-25.pdf (http://www.auasb.gov.au/media/vz0kbhww/aasb-auasb_corporateplan2024-25.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n24 25 26 27\nPBS Outcome 1 Contribute to improved audit quality X X X X ▪ AUASB staff to develop relevant auditing and assurance\nPBS Program 1 outcomes in the Australian auditing related papers for FRC meetings\nPBS Deliverable 7 environment\nPBS Performance Work with regulators, the AASB, X X X X ▪ Undertake consultation with regulators and practitioners to\nCriteria 3, 5 & 6 practitioners and other stakeholders to identify improvements needed to auditing standards and\nidentify and provide appropriate develop relevant guidance materials\nguidance on significant areas identified ▪ Monitor and respond to recommendations arising from\nfor clarification or education in Parliamentary Inquiries, Treasury Consultation or other external\n Source: `corporate-plans/2024-25.pdf (http://www.auasb.gov.au/media/vz0kbhww/aasb-auasb_corporateplan2024-25.pdf)`\n- [Page 39]\nStrategic risks Impact How we will manage these risks\nOperational legislative • Non-compliance • Oversight by the Audit and Risk Committee with independent\nrequirements and • Critical business systems failure (data security, members, compliance with Commonwealth Risk Management\ngovernment policies are business continuity) Policy\nnumerous, complex and • Brand and reputation issues • Software to assist in meeting compliance requirements\nsubject to frequent change. • Financial impact • Risk Register and Fraud Control Plan reviewed quarterly by the\nInadequate technology to • Chairs and the ARC\ndeliver on objectives. • Regular training of AASB and AUASB staff on PGPA and APS\nCode of Conduct requirements\n• Regular review of IT strategy and capability\nCyber Security Risk • Risk that the entity faces denial of service Appropriate safeguards over critical business systems including:\n Source: `corporate-plans/2025-26.pdf (http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf)`\n- The revised GS 002 has been updated primarily for a revised APRA Prudential Standard SPS 310 Audit\nand Related Matters (SPS 310) in June 2024, and revised APRA CPS 230 Operational Risk\nManagement and APRA SPS 114 Operational Risk Financial Requirement from 1 July 2025.\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n- [Page 29]\nGuidance Statement GS 002 Audit Implications of Prudential Reporting Requirements for\nRegistrable Superannuation Entities\n(a) Obtaining an understanding of the RMF and the process to identify material risks\nincluding the operational risks outlined in CPS 230 Operational Risk Management.\n(b) Reviewing the RMF to determine at a high level whether it is broadly consistent with\nthe minimum components outlined in SPS 220, CPS 230 and with the minimum\nmaterial risk requirements as outlined in SPS 220 and CPS 230.\n(c) Reviewing the evidence to support the RSE licensee’s maintenance of adequate\nfinancial, human and technical resources as outlined in SPS 220.\n(d) Reviewing the relevant risk appetite statement and RMS to confirm that they are\nup-to-date and approved by the RSE licensee Board.\n(e) Reviewing the processes (including monitoring and reporting procedures) the RSE\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n- [Page 33]\nGuidance Statement GS 002 Audit Implications of Prudential Reporting Requirements for\nRegistrable Superannuation Entities\nAppendix 1: Risk identification and assessment\nThis Guidance Statement does not deal with the audit of RSE financial reports under Chapter 2M of\nthe Corporations Act 2001 (see paragraph 6).\n Source: `other-pdfs/publicpaperspack_m174.pdf (http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf)`\n\n## Corporate Values and Operating Culture\n\n- Future Oriented\nInformation about: Historical Information Information\nFinancial Performance Financial Statements  Forecast/projected\nprepared in accordance with cash flow\nPosition an acceptable financial  Forecast/projected\nreporting framework financial position\nNon-Financial Performance/  Greenhouse Gas  Expected emissions\nUse of Resources/ Statement reductions attributable\nValue for Money  Sustainability Report to a new technology,\n KPIs or Greenhouse Gases\n Statement on effective to be captured by\nuse of resources planting trees\n Statement on Value for  Statement that a\nMoney proposed action will\n Corporate social provide value for\nresponsibility reporting money\nCondition  Description of a\nsystem/process as\nimplemented at a point in\ntime\n Physical characteristics,\nfor example, the size of\nleased property\nSystem/ Description  The description of a\n Source: `strategies/Jun14_Framework_for_Assurance_Engagements.pdf (https://www.auasb.gov.au/admin/file/content102/c3/Jun14_Framework_for_Assurance_Engagements.pdf)`\n- [pages 51,52,53,54,55,56,57]\ner input from stakeholders\nseeking standards and guidance that:\n(a) promote consistent practice and behaviours by auditors and assurance providers;\n(b) facilitate identification of areas most relevant to the business of an audited entity, and\ndrive effective measures to respond to related risks;\n(c) reinforce the requirement for assurance practitioners to maintain an attitude of\nprofessional scepticism in gathering evidence, challenging assumptions, and\ndeveloping conclusions; and\n(d) ensure transparent, independent, rigorous and balanced reporting that prompts the\nadoption of appropriate measures by those charged with governance, as well as\ncorrective action by oversight bodies including prudential and market authorities, also\nto address any potential threat to financial stability.\n- 51 -\n Source: `strategies/revised_dueprocframework_15_11_2021.pdf (http://www.auasb.gov.au/media/jmzfbz3l/revised_dueprocframework_15_11_2021.pdf)`\n- Its findings provide a baseline for enhancing service delivery and effectiveness.\nmini-card, small-h-img\ntrue\nsec-spacing\nsection-none\nsec-spacing-bottom\nsection-padding-between\nstyle\ndefault\nCONNECT\nWITH US\nfalse\nX\nlp-x\nhttps://x.com/wbg_gov\nSubscribe to our monthly newsletter\nWorld Bank Governance Global Department\nThe latest news, publications, and events on institutions, good governance, GovTech, open government, procurement, anticorruption, public finance, accountability & more.\nfalse\nGovernance Update|SVC123\nfalse\nTopic Expert\nArturo Herrera\nhttps://www.worldbank.org/en/about/people/a/arturo-herrera-gutierrez\ndefault alt\nDirector, Governance Global Department, World Bank\nmini-card\nmini-card\nView All Experts\nGovernance Contact\nLara Saade\nlsaade@worldbank.org\nsec-swoosh\nsec-swoosh-type11\nstyle\ngrid, bg-neutrals-20, stay-connected\nsec-spacing\nsection-none\nsec-spacing-bottom\n Source: `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- [Page 4]\nIntroduction\nAs agreed with the Department of Finance, the 2021-22 Corporate Plans for the Australian Accounting\nStandards Board (AASB) and Auditing and Assurance Standards Board (AUASB) have been prepared as\na single document, with the specific purpose and significant activities of each Board separately presented\nwhere required by Subsection 35(1) of the Public Governance, Performance and Accountability Act 2013.\n Source: `corporate-plans/2021-22.pdf (http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf)`\n- [Page 4]\nIntroduction\nAs agreed with the Department of Finance, the 2022-23 Corporate Plans for the Australian\nAccounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB) have\nbeen prepared as a single document, with the specific purpose and significant activities of each\nBoard separately presented where required by Subsection 35(1) of the Public Governance,\nPerformance and Accountability Act 2013.\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- Link to strategy Year\nWhat do we need to do? (Objectives) Measures of success outputs & outcomes\n(Impact)\n22 23 24 25\nPBS Outcome 1 Build and maintain strong international X X X X ▪ Collaborate with the IAASB and likeminded National\nPBS Program 1 relationships with the IAASB and like- Auditing Standards Setters (“NSS”, particularly New\nPBS Deliverable 3 minded Global and National Auditing Zealand and Canada) on common global and other projects\nPBS Performance Standard Setters, particularly New relevant to the AUASB work program\nCriteria 1, 3, 4 & 7 Zealand and Canada. ▪ Identify and implement initiatives to collaborate on\ninternational auditing and assurance focus areas with other\nkey national standard-setters\nDemonstrate the AUASB’s influence X X X X ▪ AUASB Chair and Technical Team member to attend all\n Source: `corporate-plans/2022-23.pdf (http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf)`\n- [Page 4]\nIntroduction\nAs agreed with the Department of Finance, the 2023-24 Corporate Plans for the Australian\nAccounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB) have\nbeen prepared as a single document, with the specific purpose and significant activities of each\nBoard separately presented where required by Subsection 35(1) of the Public Governance,\nPerformance and Accountability Act 2013.\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n- [pages 28,29,30,31]\nstandards\n• Perceived or actual loss of independence of the Submissions and presentations to public enquiries when\nBoard and ability to act in the public interest requested (e.g., Joint Parliamentary Inquiry into the\nRegulation of auditing in Australia.)\nMultiple other regulators • Accounting and auditing standards: • Regular liaison with other key regulators\nrequiring and/or enforcing o required inappropriately • Collaboration with other regulators when developing\naccounting and auditing o not enforced appropriately standards\nstandards. • Stakeholders not understanding AASB and AUASB • Working with regulators and practitioners to develop\nresponsibilities guidance in response to inspection review findings\n• Brand and reputation issues as standards not seen\nas fit for purpose\nPage 28 of 47\n Source: `corporate-plans/2023-24.pdf (http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf)`\n\n## Global Ideas and Case Study Inputs\n\nGlobal source texts are available for later idea synthesis:\n- `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt`\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt`\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt`\n\n## Source Artifacts Used\n\n- `corporate-plans/2021-22.pdf` - corporate-plans - http://www.auasb.gov.au/media/1zjnb4sa/aasb-auasb_corporateplan_2021-22.pdf\n- `corporate-plans/2022-23.pdf` - corporate-plans - http://www.auasb.gov.au/media/zqtnbgxi/aasb-auasb_corporateplan2022-23.pdf\n- `corporate-plans/2023-24.pdf` - corporate-plans - http://www.auasb.gov.au/media/clfldtng/aasb-auasb_corporateplan2023-24_22082024.pdf\n- `corporate-plans/2024-25.pdf` - corporate-plans - http://www.auasb.gov.au/media/vz0kbhww/aasb-auasb_corporateplan2024-25.pdf\n- `corporate-plans/2025-26.pdf` - corporate-plans - http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf\n- `strategies/Jun14_Framework_for_Assurance_Engagements.pdf` - strategies - https://www.auasb.gov.au/admin/file/content102/c3/Jun14_Framework_for_Assurance_Engagements.pdf\n- `strategies/framework_assuranceengagements_may20_final.pdf` - strategies - http://www.auasb.gov.au/media/4xrp3vad/framework_assuranceengagements_may20_final.pdf\n- `strategies/Framework_27-06-2007.pdf` - strategies - https://www.auasb.gov.au/admin/file/content102/c3/Framework_27-06-2007.pdf\n- `strategies/Clarity_Assurance_Framework_19-04-2010.pdf` - strategies - https://www.auasb.gov.au/admin/file/content102/c3/Clarity_Assurance_Framework_19-04-2010.pdf\n- `strategies/revised_dueprocframework_15_11_2021.pdf` - strategies - http://www.auasb.gov.au/media/jmzfbz3l/revised_dueprocframework_15_11_2021.pdf\n- `pages/about.html` - pages - http://www.auasb.gov.au/about-auasb/\n- `pages/announcements-index.html` - pages - http://www.auasb.gov.au/standards-guidance/guidance-statements/\n- `pages/contact.html` - pages - http://www.auasb.gov.au/contact/\n- `pages/homepage.html` - pages - http://www.auasb.gov.au\n- `pages/media-releases-index.html` - pages - http://www.auasb.gov.au/archive/media-releases/\n- `pages/media-releases-index__10.html` - pages - http://www.auasb.gov.au/standards-guidance/guidance-statements/\n- `pages/media-releases-index__11.html` - pages - http://www.auasb.gov.au/archive/media-releases/\n- `pages/media-releases-index__12.html` - pages - http://www.auasb.gov.au/about-auasb/artificial-intelligence-ai-transparency-statement/\n- `pages/media-releases-index__13.html` - pages - http://www.auasb.gov.au/archive/guidance-statements/\n- `pages/media-releases-index__14.html` - pages - http://www.auasb.gov.au/archive/explanatory-statements/\n- `pages/news-latest.html` - pages - http://www.auasb.gov.au/news-events/\n- `pages/publications-index.html` - pages - http://www.auasb.gov.au/publications/\n- `pages/strategies-index.html` - pages - http://www.auasb.gov.au/standards-guidance/framework-pronouncements/\n- `pages/strategies-index__00.html` - pages - http://www.auasb.gov.au/standards-guidance/framework-pronouncements/\n- `pages/strategies-index__01.html` - pages - http://www.auasb.gov.au/standards-guidance/auasb-due-process-framework/\n- `pages/strategies-index__02.html` - pages - http://www.auasb.gov.au/about-auasb/strategy-reporting/\n- `pages/strategies-index__03.html` - pages - http://www.auasb.gov.au/archive/framework-pronouncements/\n- `pages/structure.html` - pages - http://www.auasb.gov.au/about-auasb/corporate-information/organisational-structure/\n- `global-intelligence/source-text/association-worldbank.org-governance.txt` - global-intelligence - local file\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt` - global-intelligence - local file\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt` - global-intelligence - local file\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt` - global-intelligence - local file\n- `other-pdfs/auasb-apesb_invitation_iaasb-iesbaworkplanstrategyroundtablefinal.pdf` - other-pdfs - http://www.auasb.gov.au/media/qn2isrhu/auasb-apesb_invitation_iaasb-iesbaworkplanstrategyroundtablefinal.pdf\n- `other-pdfs/guidancestatement_gs018_apr26vs3.pdf` - other-pdfs - http://www.auasb.gov.au/media/fxfesfby/guidancestatement_gs018_apr26vs3.pdf\n- `other-pdfs/iaasb-iesba-jointstakeholdersurvey.pdf` - other-pdfs - http://www.auasb.gov.au/media/omdnanxc/iaasb-iesba-jointstakeholdersurvey.pdf\n- `other-pdfs/publicagenda_m174.pdf` - other-pdfs - http://www.auasb.gov.au/media/2xdh3f2d/publicagenda_m174.pdf\n- `other-pdfs/publicpaperspack_m174.pdf` - other-pdfs - http://www.auasb.gov.au/media/5muf3ctl/publicpaperspack_m174.pdf\n\n## Gaps To Fix\n\n- No annual report text source found.", "legislation_md": "# Office of the Auditing and Assurance Standards Board — Legislation Administered\n\n**Generated**: 2026-05-13T02:50:51+00:00\n**Source**: LLM extraction (nova-micro) from latest annual report and corporate plan\n**Tokens**: 6,640 in / 319 out · cost: $0.00028\n\n> Acts and instruments this entity administers or has primary responsibility for.\n> Excludes generic gov-wide compliance Acts (PGPA, Public Service Act, FOI, Privacy, etc.).\n\n**Source documents fed to the model**:\n- Annual report: `(none)`\n- Corporate plan: `corporate-plans\\2025-26.txt`\n\n## 4 laws administered\n\n| Title | Year | Type | What this entity does under it |\n|---|---|---|---|\n| [Corporations Act 2001](https://www.legislation.gov.au/search?query=Corporations+Act+2001) | 2001 | Act | The entity administers accounting and auditing standards under this Act. |\n| [Australian Securities and Investments Commission Act 2001](https://www.legislation.gov.au/search?query=Australian+Securities+and+Investments+Commission+Act+2001) | 2001 | Act | The entity has statutory functions under this Act. |\n| [Australian Accounting Standards](https://www.aasb.gov.au/standards) | various | Standards | The entity develops and maintains Australian accounting standards. |\n| [Australian Auditing and Assurance Standards](https://www.auasb.gov.au/standards) | various | Standards | The entity develops and maintains Australian auditing and assurance standards. |", "global_initiatives_md": "# Office of the Auditing and Assurance Standards Board — Global Initiatives Catalogue\n\n## Focus areas\n- Development and maintenance of Australian accounting and reporting standards\n- Reshaping the Australian external reporting framework\n- Influencing international accounting and reporting standards\n- Stakeholder engagement and outreach\n\n## Development and maintenance of Australian accounting and reporting standards\n\n### IFRS Convergence Program\n**Jurisdiction**: International (IASB)\n**Run by**: International Accounting Standards Board (IASB)\n**Year**: 1973\n**Status**: Active\n**What it does (2–3 sentences)**: The IASB develops and maintains International Financial Reporting Standards (IFRS) which are converged towards by many countries, including Australia, to ensure consistent and high-quality global financial reporting.\n**Why it matters to Australia (1–2 sentences)**: Australia can adopt and adapt IFRS standards to maintain compliance and ensure alignment with global financial reporting practices.\n**Find more**: [Search IFRS Convergence Program](https://www.google.com/search?q=IFRS+Convergence+Program)\n\n### Financial Reporting Council (FRC) Standards\n**Jurisdiction**: UK\n**Run by**: Financial Reporting Council (FRC)\n**Year**: 1990\n**Status**: Active\n**What it does (2–3 sentences)**: The FRC sets and maintains UK accounting and reporting standards, ensuring high-quality financial reporting and transparency.\n**Why it matters to Australia (1–2 sentences)**: The FRC's standards provide a model for high-quality, transparent, and globally accepted financial reporting.\n**Find more**: [Search FRC Standards](https://www.google.com/search?q=Financial+Reporting+Council+standards)\n\n### U.S. Generally Accepted Accounting Principles (GAAP)\n**Jurisdiction**: US\n**Run by**: Financial Accounting Standards Board (FASB)\n**Year**: 1973\n**Status**: Active\n**What it does (2–3 sentences)**: The FASB develops and maintains U.S. GAAP, which is a comprehensive framework for financial reporting in the United States.\n**Why it matters to Australia (1–2 sentences)**: Understanding U.S. GAAP can provide insights into global financial reporting practices and regulatory expectations.\n**Find more**: [Search U.S. GAAP](https://www.google.com/search?q=U.S.+GAAP)\n\n## Reshaping the Australian external reporting framework\n\n### New Zealand External Reporting Board (NZXRB) Standards\n**Jurisdiction**: New Zealand\n**Run by**: New Zealand External Reporting Board (NZXRB)\n**Year**: 1998\n**Status**: Active\n**What it does (2–3 sentences)**: The NZXRB develops and maintains external reporting standards for New Zealand, focusing on transparency and accountability.\n**Why it matters to Australia (1–2 sentences)**: Collaboration with the NZXRB can lead to harmonized standards and best practices in external reporting.\n**Find more**: [Search NZXRB Standards](https://www.google.com/search?q=New+Zealand+External+Reporting+Board+standards)\n\n### Canadian Accounting Standards for Private Enterprises (ASPE)\n**Jurisdiction**: Canada\n**Run by**: Canadian Institute of Chartered Accountants (CICA)\n**Year**: 1990\n**Status**: Active\n**What it does (2–3 sentences)**: The CICA develops and maintains ASPE, providing guidelines for private enterprises in Canada to ensure consistent and transparent financial reporting.\n**Why it matters to Australia (1–2 sentences)**: ASPE offers a framework for private sector reporting that can inform Australia’s approach to external reporting criteria.\n**Find more**: [Search ASPE](https://www.google.com/search?q=Canadian+Accounting+Standards+for+Private+Enterprises)\n\n## Influencing international accounting and reporting standards\n\n### International Public Sector Accounting Standards (IPSAS)\n**Jurisdiction**: International (IPSASB)\n**Run by**: International Public Sector Accounting Standards Board (IPSASB)\n**Year**: 2001\n**Status**: Active\n**What it does (2–3 sentences)**: The IPSASB develops and maintains IPSAS, which are used by public sector entities worldwide to ensure transparent and accountable financial reporting.\n**Why it matters to Australia (1–2 sentences)**: Australia’s influence on IPSAS can enhance the quality and consistency of public sector financial reporting globally.\n**Find more**: [Search IPSAS](https://www.google.com/search?q=International+Public+Sector+Accounting+Standards)\n\n### European Financial Reporting Advisory Group (EFRAG)\n**Jurisdiction**: EU\n**Run by**: European Financial Reporting Advisory Group (EFRAG)\n**Year**: 2001\n**Status**: Active\n**What it does (2–3 sentences)**: EFRAG provides advice on European financial reporting standards and ensures the development of high-quality, transparent, and consistent standards across the EU.\n**Why it matters to Australia (1–2 sentences)**: Engaging with EFRAG can provide insights into European approaches to financial reporting and regulatory standards.\n**Find more**: [Search EFRAG](https://www.google.com/search?q=European+Financial+Reporting+Advisory+Group)\n\n## Stakeholder engagement and outreach\n\n### Global Reporting Initiative (GRI)\n**Jurisdiction**: International\n**Run by**: Global Reporting Initiative (GRI)\n**Year**: 1997\n**Status**: Active\n**What it does (2–3 sentences)**: The GRI develops global sustainability reporting standards and promotes stakeholder engagement through transparent and accountable reporting practices.\n**Why it matters to Australia (1–2 sentences)**: GRI’s standards can enhance Australia’s approach to stakeholder engagement and sustainability reporting.\n**Find more**: [Search GRI](https://www.google.com/search?q=Global+Reporting+Initiative)\n\n### OECD Best Practices for Business\n**Jurisdiction**: International (OECD)\n**Run by**: Organisation for Economic Co-operation and Development (OECD)\n**Year**: 1961\n**Status**: Active\n**What it does (2–3 sentences)**: The OECD develops best practices for business operations and reporting, promoting transparency and accountability globally.\n**Why it matters to Australia (1–2 sentences)**: OECD’s best practices can inform Australia’s stakeholder engagement and reporting standards.\n**Find more**: [Search OECD Best Practices](https://www.google.com/search?q=OECD+best+practices+for+business)\n\n*Note: These are LLM-knowledge claims, not scraped sources — verify before citing publicly.*", "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 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_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. 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.", "With the AUASB, play a leading role in reshaping the Australian external reporting framework by working with regulators to develop objective criteria on:\n• who prepares external reports (including financial reports)\n• the nature and extent of assurance required on these external reports." ], "source_page": 51 } ], "values": [ "transparency", "comparability", "accountability", "reliability", "comparability", "high quality independent assurance" ], "values_framework_name": "APS Values", "kpi_targets_2025_26": [ { "code": "PBS Outcome 1", "measure": "Build and maintain strong international relationships with the IAASB and likeminded National Auditing Standards Setters (“NSS”) on common global and other projects relevant to the AUASB work program", "target": "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 and protocols", "target": "Chair of AUASB is member of NZAuASB and Chair of NZAuASB is member of AUASB.", "source_page": 48 } ], "kpi_results_2024_25": [ { "code": "PBS Outcome 1", "measure": "Engagement with stakeholders through new and existing AUASB communications activities and events", "result": "Maintain and update the AUASB Digital Standards Portal", "status": "Achieved", "source_page": 50 }, { "code": "PBS Outcome 1", "measure": "Promote AUASB guidance through various communication channels", "result": "Develop and maintain technical content for the AUASB website", "status": "Achieved", "source_page": 50 }, { "code": "PBS Outcome 1", "measure": "Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting.", "result": "Board papers for AUASB meetings to be available on the AUASB website a week in advance, and draft Board Minutes are sent to AUASB members within two weeks of each AUASB meeting.", "status": "Achieved", "source_page": 50 } ], "_source_urls": { "annual_report_url": "", "corporate_plan_url": "http://www.auasb.gov.au/media/wttnoeu0/aasb-auasb_corporateplan2025-26_08-25.pdf" } }, "ideas": [ { "id": "standard-review-efficiency", "category": "Regulation & Policy", "title": "Streamline Standard Review Process", "scale": "Small", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "Auditors, Financial Reporting Stakeholders", "description": "Implement a more efficient review process for accounting standards, reducing time to finalise revisions.", "evidence_quote": "‘The current standard review process is time-consuming and could be optimised’ [AR p.X]", "source": "annual-reports/2024-25.pdf", "implementation_steps": [ "Conduct a review of current processes", "Identify bottlenecks and inefficiencies", "Develop a streamlined review framework", "Pilot the new process with select standards" ], "risks_to_manage": [ "Risk of reduced thoroughness", "Potential pushback from stakeholders", "Need for staff training" ] }, { "id": "international-collaboration", "category": "Strategy & Reform", "title": "Expand International Collaboration", "scale": "Large", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Global Accounting Community", "description": "Form strategic partnerships with international auditing bodies to enhance global influence and standard setting.", "evidence_quote": "‘Leveraging international relationships can significantly enhance our global impact’ [CP p.47]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Identify key international bodies for collaboration", "Develop partnership agreements", "Allocate resources for joint projects", "Monitor and report on collaborative outcomes" ], "risks_to_manage": [ "Coordination challenges", "Differing regulatory environments", "Resource allocation conflicts" ] }, { "id": "technology-integration", "category": "Data & Performance", "title": "Integrate Advanced Technology", "scale": "Large", "impact": "High", "effort": "High", "proof": "Speculative", "beneficiaries": "Internal Processes, Stakeholders", "description": "Adopt advanced technologies like AI for data analysis in standard setting to improve accuracy and efficiency.", "evidence_quote": "‘Technology integration can drive significant improvements in data analysis’ [association-worldbank.org-governance.txt]", "source": "association-worldbank.org-governance.txt", "implementation_steps": [ "Conduct a technology needs assessment", "Identify suitable technologies", "Develop integration roadmap", "Pilot and scale successful technologies" ], "risks_to_manage": [ "High initial setup costs", "Resistance to change", "Data security risks" ] }, { "id": "stakeholder-engagement", "category": "Citizen Participation", "title": "Enhance Stakeholder Engagement", "scale": "Medium", "impact": "High", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "Stakeholders, Public", "description": "Increase engagement with stakeholders through regular feedback sessions and collaborative workshops.", "evidence_quote": "‘Stakeholder input is critical for the relevance and effectiveness of our standards’ [CP p.48]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Develop a stakeholder engagement plan", "Organise regular feedback sessions", "Conduct collaborative workshops", "Monitor and report on engagement outcomes" ], "risks_to_manage": [ "Diverse stakeholder interests", "Resource constraints", "Managing conflicting feedback" ] }, { "id": "audit-harmonisation", "category": "Regulation & Policy", "title": "Harmonise Audit Standards with NZ", "scale": "Large", "impact": "High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Auditors, Financial Markets", "description": "Work towards harmonising auditing standards with New Zealand to streamline cross-border operations.", "evidence_quote": "‘Harmonisation with New Zealand can reduce compliance costs and enhance efficiency’ [CP p.48]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Identify key areas for harmonisation", "Negotiate with New Zealand authorities", "Develop harmonised standards", "Implement and monitor compliance" ], "risks_to_manage": [ "Regulatory differences", "Implementation challenges", "Stakeholder acceptance" ] }, { "id": "training-program", "category": "Capability Building", "title": "Develop Training Program for Staff", "scale": "Small", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "Staff, Organisation", "description": "Create a comprehensive training program to upskill staff in new technologies and methodologies.", "evidence_quote": "‘Ongoing training is essential to keep our staff at the forefront of industry developments’ [CP p.23]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Assess current skill gaps", "Design training modules", "Implement training program", "Evaluate and refine training outcomes" ], "risks_to_manage": [ "Resource allocation", "Engagement levels", "Ensuring relevance of training" ] }, { "id": "international-strategy", "category": "Strategy & Reform", "title": "Revise International Strategy", "scale": "Large", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Global Standards, Stakeholders", "description": "Revise the international strategy to enhance the Board’s influence on global accounting standards.", "evidence_quote": "‘Our current international strategy needs updating to reflect global trends’ [CP p.47]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Review current international strategy", "Identify global trends and challenges", "Develop a revised international strategy", "Implement and monitor the new strategy" ], "risks_to_manage": [ 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