The auditing standards to be utilised by an auditor in undertaking public sector financial audits for the Commonwealth are prescribed by the:
A) Audit and Assurance Standards Board.
B) Auditor General.
C) Corporations Act.
D) Relevant Minister.

Question

Quizplus · Accepted Answer

The Auditor-General is responsible for setting the auditing standards to be utilised by auditors in undertaking public sector financial audits for the Commonwealth, as per section 16 of the Auditor-General Act 1997. The Audit and Assurance Standards Board develops auditing standards for the private sector, while the Corporations Act applies to companies registered under Australian law. The Relevant Minister may not have the authority to prescribe auditing standards.

The Auditing Standards to Be Utilised by an Auditor in Undertaking