Auditing and Assurance Standards Board

What Auditing and Assurance Standards Board does

The Auditing and Assurance Standards Board (AUASB) is an independent, non-corporate Commonwealth entity of the Australian Government, established under Australian law and headquartered in Melbourne. It is the sole statutory body with authority to develop, issue, and maintain legally enforceable auditing and assurance standards in Australia under the Corporations Act 2001. Its pronouncements govern audits and reviews of financial reports for public companies, registrable superannuation entities regulated by APRA, not-for-profit organizations, public sector entities, and entities subject to mandatory sustainability/climate reporting. AUASB works closely with the International Auditing and Assurance Standards Board (IAASB) to adopt international standards with Australian conforming amendments, and coordinates with the Financial Reporting Council (FRC) on board appointments, the AASB on financial reporting interfaces, APESB on ethics, ASIC and APRA on regulatory alignment, and professional bodies including CPA Australia and CA ANZ.

AUASB's core products are its standards suite: Auditing Standards (ASA), Standards on Sustainability Assurance (ASSA, including ASSA 5000 based on ISSA 5000), Review Standards, Assurance Standards (ASAE), Guidance Statements (GS), AUASB Bulletins, Research Reports, and Illustrative Assurance Reports. These are published and distributed through the AUASB Digital Standards Portal (standards.auasb.gov.au), the main website, newsletters, webinars, virtual roundtables, consultation papers, exposure drafts, and social channels. The Portal provides filterable, self-serve access keyed by reporting period. The full suite is distributed free of charge; AUASB does not earn commercial revenue and is funded entirely through Australian Government appropriations, with a small Melbourne-based staff of approximately 27 supplemented by part-time board members appointed by the FRC.

The business model is publicly funded and mandate-driven rather than commercial. Standards are developed through a formal Due Process Framework involving exposure drafts, public comment periods, roundtables, and stakeholder submissions. AUASB has no traditional go-to-market motion: engagement is consultative and educational, targeting audit and assurance practitioners, regulated entities, professional bodies, and regulators. Recent strategic activity has centered on operationalizing Australia’s mandatory climate reporting regime via ASSA 5000 adoption, updating ASA 240 (fraud) and ISA 570 (going concern), and publishing guidance on the impact of AI on auditors.

Name

Auditing and Assurance Standards Board

Legal name

Auditing and Assurance Standards Board

Website

https://auasb.gov.au

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

The AUASB is an independent Australian Government statutory body headquartered in Melbourne that develops and issues legally enforceable auditing and assurance standards under the Corporations Act 2001, serving auditors, public companies, superannuation entities, not-for-profits, and public-sector clients, and funded through government appropriations with freely distributed pronouncements.

Ownership category

akta.pro rank

Product category

Auditing and Assurance Standards

NAICS

Public Administration (92), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150)

akta.pro primary industry

Audit & Assurance Services (BPAHABAA)

akta.pro secondary industry

Standards Development & Publishing (SDOs, Technical Standards) (MPAJACAB)

Keywords

• Auditing standards
• Assurance standards
• Sustainability assurance
• Financial reporting standards
• Professional standards setting

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Government Funding: As an independent, non-corporate Commonwealth entity of the Australian Government, the AUASB is funded through government appropriations rather than commercial revenue generation. The organization develops and issues standards without charging for their access or use.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

The AUASB develops, issues, and maintains Australian auditing and assurance standards, including Auditing Standards (ASA), Standards on Sustainability Assurance (ASSA), Review Standards, and Assurance Standards (ASAE). It also produces Guidance Statements, Bulletins, Research Reports, and Illustrative Assurance Reports, all made freely available through the AUASB Digital Standards Portal. The standards are legally enforceable for audits and reviews of financial reports required under the Corporations Act 2001.

Product overview

The AUASB operates as Australia's independent standards-setting body for auditing and assurance. The organization publishes and maintains a comprehensive suite of pronouncements including Auditing Standards (ASA), Standards on Sustainability Assurance (ASSA), Assurance Standards (ASAE), Review Standards, and Related Services standards. These are accessible through the Digital Standards Portal, the primary online platform. Supporting offerings include Guidance Statements (GS) for practical application, Bulletins for topical implementation guidance, Research Reports, and Illustrative Assurance Reports. Together, these products establish the regulatory framework for audit quality and assurance engagements across Australia.

Differentiator

Problem solved

Functional benefit

Products and services

• AUASB Digital Standards Portal

Quantifiable outcome

• Standards legally enforceable for all audits required under Corporations Act 2001
• +1 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• International Auditing and Assurance Standards Board (IAASB)coreStrategic or Co-development PartnerThe AUASB maintains a primary strategic relationship with IAASB for international standards alignment. The AUASB adopts IAASB standards in Australia (subject to local conforming amendments) and provides feedback on IAASB exposure drafts through consultation processes. Joint activities include roundtables and survey coordination for standards development.
• Australian Accounting Standards Board (AASB)coreStrategic or Co-development PartnerThe AUASB and AASB collaborate on joint research reports, dialogue series events, and coordinated consultation processes. Notable joint activities include research on climate-related disclosures and assurance practices, and shared stakeholder engagement on going concern disclosures and sustainability reporting.
• Accounting Professional and Ethical Standards Board (APESB)majorStrategic or Co-development PartnerThe AUASB coordinates with APESB on ethical requirements for sustainability assurance engagements, particularly regarding the adoption of Part 5 of APES 110 Code of Ethics for sustainability assurance under ASSA 5000.
• Financial Reporting Council (FRC)coreStrategic or Co-development PartnerThe FRC is the governing body that appoints AUASB board members and provides oversight. The FRC announced the appointment and reappointment of AUASB board members and oversees the board's activities and strategic direction.
• CPA Australia and Chartered Accountants ANZ (CA ANZ)majorStrategic or Co-development PartnerProfessional accounting bodies collaborate with AUASB on joint webinars, dialogue series, and research initiatives. Joint events include the AASB-AUASB Dialogue Series on going concern disclosures and CPA Australia events on global ethics and assurance for sustainability.
• Australian Securities and Investments Commission (ASIC)majorStrategic or Co-development PartnerASIC is the regulator that oversees compliance with AUASB standards. The AUASB monitors ASIC's Audit Inspection Reports and issues guidance bulletins to support auditor compliance. ASIC's focus areas inform AUASB's implementation support materials.
• Australian Prudential Regulation Authority (APRA)majorStrategic or Co-development PartnerAPRA prudential standards intersect with AUASB auditing requirements, particularly for Registrable Superannuation Entities (RSE). The AUASB revised GS 002 to align with APRA Prudential Standard SPS 310 Audit and Related Matters.
• Australian National Centre for Audit & Assurance Research (ANCAAR)minorStrategic or Co-development PartnerANCAAR and AUASB host joint Research and Regulation workshops to explore research relevant to the AUASB's standard setting agenda as part of the Evidence Informed Standard Setting Strategy.
• International Organization of Securities Commissions (IOSCO)minorStrategic or Co-development PartnerIOSCO has expressed support and encouragement for IAASB's work on developing sustainability assurance standards. The AUASB welcomes this endorsement as it supports global consistency in sustainability assurance standards.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• International Auditing and Assurance Standards Board (IAASB): The global private-sector standard-setter for auditing and assurance, whose pronouncements AUASB adopts with local conforming amendments. Operates the same functional mandate at the international level and is AUASB's most direct counterpart.
• Australian Accounting Standards Board (AASB): Domestic sister body that sets accounting (not auditing) standards. Joint research, dialogue series, and shared stakeholder engagement with AUASB make it the most operationally comparable peer.
• CPA Canada – Auditing and Assurance Standards Board: Canadian auditing and assurance standard-setter operating under a similar professional-body-hosted model. Directly comparable function despite different hosting arrangement.
• Irish Auditing and Accounting Supervisory Authority (IAASA): Ireland's combined auditing standard-setter and supervisory authority. Compares to AUASB on standard-setting function and to ASIC on oversight within a single small jurisdiction.
• External Reporting Board (XRB) – New Zealand: Sets New Zealand auditing and accounting standards under the Trans-Tasman protocol with AUASB. Operates a near-identical mandate in a closely linked jurisdiction.
• Public Company Accounting Oversight Board (PCAOB): US statutory body that sets auditing standards for public-company audits and inspects audit firms. Closest functional peer in scale and regulatory authority, though narrower to listed-entity audits.

Broad incumbents

• International Federation of Accountants (IFAC): Global umbrella for the accounting profession that hosts IAASB and engages with national standard-setters. Comparable in international standard-setting ecosystem role.
• International Organization of Securities Commissions (IOSCO): International securities regulator that has publicly endorsed IAASB's sustainability assurance work. Provides AUASB with international legitimacy and is a key external stakeholder.
• Financial Reporting Council (UK): UK body with combined accounting, auditing and corporate governance oversight plus enforcement powers — broader mandate than AUASB, but operates a comparable standard-setting and stakeholder-engagement model.

Regional players

• Japanese Institute of Certified Public Accountants (JICPA): Japan's professional body involved in auditing standard adoption and commentary. Regional peer that interacts with IAASB on convergence in the Asia-Pacific region.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/auasbaus
• LinkedInlinkedin.com/company/auditing-and-assurance-standards-board

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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