Finance Circular 2011/08
Clarification of the terms Audit and Assurance
Purpose
The purpose of this circular is to provide guidance to all Australian Government entities on the use of the terms audit and assurance. It applies to independent external services requested by Government that would ordinarily be carried out by audit professionals within the frameworks issued by the Auditing and Assurance Standards Board (AUASB) and Accounting Professional & Ethical Standards Board (APESB). Because audit and assurance may be used in common language these terms are susceptible to use in describing engagements that do not align with the professional standard-setting frameworks that govern such services, which in turn can lead to complications when oversight processes are discussed publicly.
Government requirements for audit and assurance, in this context, should be expressed with reference to the professional standard-setting frameworks, such as the Australian auditing standards issued by the AUASB and relevant ethical standards issued by the APESB. These standards are mandatory for members of the accounting professional bodies for carrying out audits and reviews.
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