Study on Auditing and Assurance Standards Board

Added on - 09 Oct 2019

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Running Head: AuditingAUDITING
Auditing2Australian regulators and regulations that impact on the work of auditors in relation toauditing the financial statements and the environment in which they operate and are heldaccountableIn this study, the official site of Auditing and Assurance Standards Board is selected. Thetwo selected topics from the official site of Auditing and Assurance Standards Board byconsidering which this study is conducted areAuditing Standards and Audit Quality(auasb.gov.au, 2018).The Australian regulators responsible for influencing auditors and theirwork in relation to auditing financial statements are Auditing and Assurance Standard Board(AUASB), CPA Australia, ICAA (Institute of Chartered Accountants Australia) and AccountingProfessional and Ethical Standards Board. Some of the auditing regulations or standards thatimpact on auditors’ work on the companies’ financial statements and the environment in whichthey use to operate and held accountable for are as follows –AuditingStandardASA200 - Objectives of an Independent Auditor and theConduct of an Auditaccording to Australian Auditing StandardsAuditingStandardASA315 -Identifying and Assessing the Risks of MaterialMisstatement through Understanding the Entity and Its EnvironmentAuditingStandardASA705 -Modifications to the Opinion in the IndependentAuditor’s ReportAuditingStandardASA700 and ASA 800AuditingStandardASA230 -Audit DocumentationAuditingStandardASA260 -Communication with Those Charged withGovernanceASA 701 -Communicating Key Audit Matters in the Independent Auditor’sReport(legislation.gov.au, 2018).Impact of the regulator on application or monitoring of auditing standards or ethicalobligations for auditorsIn Australia, the regulators of auditors and their auditing work assist the auditors to workin an appropriate manner without providing any kind of harm to any of the people associated
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