Audit guidance affects 31 December acquittals

The Auditing and Assurance Standards Board (AUASB) last year issued guidance statement GS 022 ‘Grant Acquittals and Multi-Scope Engagements’, recognising that a single-subject grant acquittal and a multi-scope engagement may give rise to several practical application problems.

The guidance will affect 31 December acquittals for the first-time.

The issues the statement addresses include:

  • Determining which AUASB standards and requirements are relevant and how to apply them
  • Planning and performing these types of engagements effectively and efficiently to address multiple objectives, including multiple subject matters and different levels of assurance
  • Reporting appropriately in accordance with AUASB standards and engagement mandates, especially when an auditor seeks to release a single-tailored report
  • Demands for the use of prescribed auditor’s reports, and
  • Engagements that require both assurance and agreed-upon procedures.



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