AQRB: Scope of Reviews
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Firms should establish a system of quality control designed to provide it with reasonable assurance that the firm and its personnel comply with professional standards and regulatory and professional requirements and that reports issued by the firm or engagement partners are appropriate to the circumstances.
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In regard to quality control processes and procedures, including those concerning independence, the most significant requirements are:
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- The Corporations Act 2001 ( as amended by the Corporations Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (CLERP 9).
- Miscellaneous Professional Standard APS 5 – Statement of quality control for Firms.
- Code of Professional Conduct F1 Independence.
- Auditing Standard AUS 206 Quality Control for Audits of Historical Financial Information
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For 2006, the reviews carried out by AQRB will be based on the above requirements.
For 2007, the reviews will reflect changes made to auditing and other standards that took effect on 1 July 2006 (and later) - see |
 Current News
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