Auditing & Assurance Handbook 2010 has been thoroughly updated to align with the revised Australian Auditing Standards (ASAs) in Clarity format. The AuASB, in line with the Financial Reporting Council, has revised and redrafted the ASAs to confirm with equivalent International Standards on Auditing (ISA) issued by the International Auditing and Assurance Board (IAASB). The 'Clarity' program has been enacted by the IAASB to ensure a clear and consistent application of its standards globally. The 2010 edition reflects these new ASAs and the technical editor, Stephanie Kemp, continues the authoritative commentary that offers students an easy to use, and read, volume.

Table of Contents:
Foreword. About the Technical Editor. Introduction. About the Institute of Chartered Accountants in Australia. Overview. Understanding Financial Statement Audits: A Guide for Financial Statement Users. AUSTRALIAN AUDITING STANDARDS (ASAs). Introduction. Foreword to AUASB Pronouncements. AUASB Glossary. Framework for Assurance Engagements. ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements. ASA 100 Preamble to AUASB Standards. ASA 101 Preamble to Australian Auditing Standards. ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. Responsibilities. ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards. ASA 210 Agreeing the Terms of Audit Engagements. ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information. ASA 230 Audit Documentation. ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report. ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report. ASA 260 Communication with Those Charged with Governance. ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management. Planning. ASA 300 Planning an Audit of a Financial Report. ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment. ASA 320 Materiality in Planning and Performing an Audit. ASA 330 The Auditor's Responses to Assessed Risks. Internal Control. ASA 402 Audit Considerations Relating to an Entity Using a Service Organisation. ASA 450 Evaluation of Misstatements Identified during the Audit. Audit Evidence. ASA 500 Audit Evidence. ASA 501 Audit Evidence-Specific Considerations for Inventory and Segment Information. ASA 502 Audit Evidence-Specific Considerations for Litigation and Claims. ASA 505 External Confirmations. ASA 510 Initial Audit Engagements-Opening Balances. ASA 520 Analytical Procedures. ASA 530 Audit Sampling. ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures. ASA 550 Related Parties. ASA 560 Subsequent Events. ASA 570 Going Concern. ASA 580 Written Representations. Using the Work of Others. ASA 600 Special Considerations-Audits of a Group Financial Report (Including the Work of Component Auditors). ASA 610 Using the Work of Internal Auditors. ASA 620 Using the Work of an Auditor's Expert. Audit Conclusions and Reporting. Explanatory Guide-Auditors' Reports. ASA 700 Forming an Opinion and Reporting on a Financial Report. ASA 705 Modifications to the Opinion in the Independent Auditor's Report. ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report. ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports. ASA 720 The Auditor's Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report. Specialised Areas. ASA 800 Special Considerations-Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks. ASA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement. ASA 810 Engagements to Report on Summary Financial Statements. STANDARDS ON REVIEW ENGAGEMENTS (ASREs). Explanatory Guide to AUASB Standards Applicable to Review Engagements. ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity. ASRE 2405 Review of Historical Financial Information Other than a Financial Report. ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. STANDARDS ON ASSURANCE ENGAGEMENTS (ASAEs). ASAE 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information. ASAE 3100 Compliance Engagements. ASAE 3500 Performance Engagements. AUDITING AND ASSURANCE STANDARDS (AUSs). Specialised Areas. AUS 804 The Audit of Prospective Financial Information. AUS 810 Special Purpose Reports on the Effectiveness of Control Procedures. Related Services. AUS 904 Engagements to Perform Agreed-upon Procedures. AUDITING AND ASSURANCE GUIDANCE STATEMENTS (AGSs). AGS 1002 Bank Confirmation Requests. AGS 1014 Privity Letter Requests. AGS 1024 Life Insurance Act 1995 - Audit Obligations. AGS 1030 Auditing Derivative Financial Instruments. AGS 1032 The Audit Implications of Accounting for Investments in Associates. AGS 1036 The Consideration of Environmental Matters in the Audit of a Financial Report. AGS 1040 Franchising Code of Conduct - Auditor's Reports. AGS 1042 Reporting on Control Procedures at Outsourcing Entities. AGS 1054 Auditing Revenue of Charitable Entities. AGS 1062 Reporting in Connection with Proposed Fundraisings. GUIDANCE STATEMENTS. GS 001 Concise Financial Reports. GS 002 Special Considerations in the Audit of Risk Management Requirements for Registrable Superannuation Entities and Licensees. GS 003 Audit and Review Requirements for Australian Financial Services Licencees under the Corporations Act 2001. GS 004 Audit Implications of Prudential Reporting Requirements for General Insurers. GS 005 Using the Work of an Actuary. GS 006 Electronic Publication of the Auditor's Report. GS 007 Audit Implications of the Use of Service Organisations for Investment Management Services. GS 008 The Auditor's Report on a Remuneration Report Pursuant to Section 300A of the Corporations Act 2001. GS 009 Auditing Self Managed Superannuation Funds. GS 010 Responding to Questions at an Annual General Meeting. GS 011 Third Party Access to Audit Working Papers. GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions. GS 013 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes. GS 014 Auditing Mortgage Schemes. GS 015 Audit Implications of Accounting for Investments in Associates. ACCOUNTING PROFESSIONAL AND ETHICAL STANDARDS BOARD STATEMENTS (APES). APES 110 Code of Ethics for Professional Accountants. APES 205 Conformity with Accounting Standards. APES 210 Conformity with Auditing and Assurance Standards. APES 215 Forensic Accounting Services. APES 220 Taxation Services. APES 225 Valuation Services. APES 305 Terms of Engagement. APES 315 Compilation of Financial Information. APES 320 Quality Control for Firms. APES 330 Insolvency Services. APES 345 Reporting on Prospective Financial Information Prepared in Connection with a Disclosure Document. MISCELLANEOUS PROFESSIONAL STATEMENTS. APS 7 Statement of Insolvency Standards. APS 10 Trust Accounts. APS 12 Statement of Financial Advisory Service Standards. MATERIAL FOR MEMBERS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA. A1 Supplemental Royal Charter. A2 By-Laws. G1 Fees. GN1 Members in Business Guidance Statement. GN2 Forensic Accounting. GN3 Operation of Trust Accounts. N1 Books and Papers: Ownership, Possession and Disclosure. N2 Money Laundering Guidelines. N3 Risk Management Guidelines. N6 Reporting of Fraud and Other Illegal Acts. N7 Arrangements to Cover the Incapacity or Death of a Sole Practitioner. Glossary of Terms. R1 Chartered Accountants Program Regulations. R2 Regulations Relating to Membership Admission, Readmission, Reinstatement and Affiliate and Practice Entity Approval. R3 Regulations Relating to Advancement to Fellowship (By-law 10(B)). R4 Regulations Relating to Certificate of Public Practice. R4A Regulations Relating to Professional Indemnity Insurance. R5 Regulations Relating to Rates of Subscription. R6 Regulations Relating to Membership of the Information Technology (IT). R7 Regulations Relating to Training and Development. R9 Regulations Relating to Public Practice. R10 Regulations Relating to Membership of the Financial Planning.