The Australian auditing standards issued by the Australian Auditing and Assurance Standards Board (AUASB) are intended to be applied to:
A) all audit, review, assurance and related engagements conducted by external firms.
B) all audits of entities listed on the Australian Securities Exchange.
C) all audits of companies incorporated under the Corporations Act 2001.
D) all audit, review, assurance and related engagements where the entity has more than five shareholders.

Question

Quizplus · Accepted Answer

The Australian auditing standards issued by the AUASB are intended to be applied to all audits of companies incorporated under the Corporations Act 2001. While they may be voluntarily adopted by other entities or engagements, their primary focus is on audits of companies under this legislation.

The Australian Auditing Standards Issued by the Australian Auditing and Assurance