Section 336 — Corporations Act 2001: Auditing standards

AUASB’s power to make auditing standards (1) The AUASB may, by legislative instrument, make auditing standards for the purposes of this Act or the ASIC Act. The standards must not be inconsistent with this Act, the ASIC Act or the regulations. (3) An auditing standard applies to financial or sustainability reports or sustainability reports in relation to: (a) periods ending after the commencement of the standard; or (b) periods ending, or starting, on or after a later date specified in the standard. (4) If: (a) the AUASB makes an auditing standard; and (b) the standard applies to financial or sustainability reports in relation to particular periods under subsection (3); and (c) an auditor is conducting an audit of a financial or sustainability report in relation to a period that occurs before the start of the earliest of those periods; the auditor may elect to apply the auditing standard to that audit unless the standard says otherwise. The election must be recorded in the auditor’s report. (5) If: (a) the AUASB makes an auditing standard; and (b) the standard applies to sustainability reports in relation to particular periods under subsection (3); and (c) an auditor is conducting an audit of a sustainability report in relation to a period that occurs before the start of the earliest of those periods; the auditor may elect to apply the auditing standard to that audit unless the standard says otherwise. The election must be recorded in the auditor’s report.