This Standard on Assurance Engagementsestablishes requirements and provides application and other explanatory material regardingthe conduct of and reporting on engagements to provide assurance on controls.The standard replacesAuditing Standard AUS810 Special Purpose Reports on the Effectiveness of Control Procedures,issued by the former AuASB and last revised in July2002.
This Standard on Assurance Engagements facilitatesconformity with current AUASB Standards and revised ASAE3000Assurance Engagements Other than Audits or Reviews of Historical Financial Information. The standard reflects best practice and clarifies how to scope, conductand report on an assurance engagement on controls,to ensure that assurance engagementquality is maintained and where necessary improved.
Standard on Assurance EngagementsASAE3150Assurance Engagements on ControlsASAE3150-7-Conformitywith International Standards on Assurance EngagementsThis Standard on Assurance EngagementsASAE3150Assurance Engagements on Controlshas been formulatedfor Australian public interest purposes and there is no equivalent International Standard on Assurance Engagements(ISAE), issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC).This Standard does, however, reflect certainaspects of other Australian ASAEs, which reproducesubstantial parts of theequivalentISAEs issued by the IAASB and published by IFAC, includingISAE 3000 Assurance Engagements Other than Audits or Reviews of Historical FinancialInformationand ISAE 3402 Assurance Reports on Controls at a Service Organization.This Standard incorporates terminology and definitions used in Australia.
Assurance Engagements on Controls
1.This Standard on Assurance Engagements applies to assurance engagements to provide an assurance report oncontrols at an entity, except forengagements
2.This Standard on Assurance Engagementsis operative for assurance engagementscommencing on or after1 January 2016.Early adoption of this ASAE is permitted only in conjunction with the adoption of revised ASAE3000 prior to this date.IntroductionScope of this Standard on Assurance Engagements
geico car insurance quote geico quote geico auto insurance geico phone number geico insurance phone number small business insurance, What insurance do you need for a small business? How much is insurance for small business per month? What is the best insurance for a small business? What is general liability insurance for small business? business insurance, What insurance do you need for a small business? What is covered by business insurance? How much is small business insurance per month? What are the different types of business insurance? Who has the cheapest home insurance? Do homeowners insurance quotes affect credit score? Who has the cheapest home insurance in Texas? car insurance florida Can I get an insurance quote before buying a house? Who has the cheapest car insurance in Florida?
3.This Standard on Assurance Engagements (ASAE) deals with assurance engagements undertaken by an assurance practitioner to provide an assurance report on the suitability of the design of controlsto achieve identified control objectives, and, if applicable,fair presentation of the description of the system,implementation of the controls as designed and/or operating effectiveness of controls as designed.4.This ASAEaddresses engagements on controls, except those engagements to which ASAE3402 applies: (Ref:Para.A2-A7)
(a)over anysubject matter, whether directed at operations, external reporting, contractual complianceor regulatory compliance;(Ref:Para.A3)
(b)evaluatedagainst the achievement of either overall or specificcontrol objectives;
(c)covering one or more component/sof control;3
(d)providing a limited or reasonable assurance conclusion;
(e)for either restricted use, by those charged with governance of the entity or specified third parties, or to be publicly available;(Ref:Para.A5)
(f)either based onan attestation engagementora direct engagement;(Ref:Para.17(a),17(o),A6)