The Auditing and Assurance Standards Board (AUASB) has issued the following pronouncements:
ASAE 3100 Compliance engagements
GS 008 The auditor's report on a remuneration report pursuant to section 300A of the Corporations Act 2001
ASAE 3100 is a new assurance standard on compliance engagements, which will assist members in the audit or review of an entity's compliance with requirements under legislation, regulation, company policies, statutory requirements and enforceable contractual obligations.
This standard is applicable for reporting periods or engagements commencing on or after 1 October 2008 with early adoption permitted.
GS 008 is relevant to auditors of disclosing entities that are companies. The Corporations Act 2001 requires an auditor to express an opinion on the remuneration report included in the director's report.
GS 008 is issued by the AUASB to highlight that the auditor's opinion on the remuneration report included in the director's report, is distinct from the auditor's opinion on the financial report.
This guidance statement aims to clearly distinguish both opinions in the audit report, in accordance with ASA 700 The auditor's report on a general purpose financial report. The guidance statement also provides illustrated examples of auditor's reports addressing the additional reporting requirement.
