Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 227B

Functions

  (1)   The functions of the AUASB are:

  (a)   to make auditing standards under section   336 of the Corporations Act for the purposes of the corporations legislation; and

  (b)   to formulate auditing and assurance standards for sustainability and other purposes; and

  (c)   to formulate guidance on auditing and assurance matters; and

  (d)   to participate in and contribute to the development of a single set of auditing standards for world - wide use; and

  (e)   to advance and promote the main objects of this Part.

Note 1:   The standards mentioned in paragraph   (a) are made and have legal effect under the Corporations Act. The standards mentioned in paragraph   (b) do not have legal effect under the Corporations Act but may be applied or adopted by some other authority.

Note 2:   See section   224 and sections   234A to 234D for the framework within which the AUASB is to formulate and make auditing standards.

Power to establish committees etc.

  (2)   The AUASB has power to establish committees, advisory panels and consultative groups.

Manner of making and formulating standards

  (3)   Without limiting paragraph   (1)(a) or (b), the AUASB may make or formulate an auditing standard by issuing the text of an international auditing standard.

  (4)   The text of the international auditing standard may be modified to the extent necessary to take account of the Australian legal or institutional environment.

Manner of participating in the development of international standards

  (5)   Without limiting paragraph   (1)(d), the AUASB may distribute the text of a draft international auditing standard (whether or not modified to take account of the Australian legal or institutional environment) for the purposes of consultation.