g guidelines regulations legislation Reasonable or limited assurance For

G guidelines regulations legislation reasonable or

This preview shows page 35 out of 35 pages.

imposed requirements as measured by the suitable criteria (e.g. guidelines, regulations, legislation) • Reasonable or limited assurance For instances of non-compliance, to assess whether material consider: (a) the size, complexity and nature of the entity’s activities; (b) the nature of the breach – one off or systemic; (c) evidence of a robust compliance system and related controls to detect, rectify and report compliance breaches; (d) commonly accepted practice within the relevant industry; (e) regulatory, legislative or contractual requirements; (f) the impact on the decisions of the intended users and stakeholders of the entity; and (g) the specific terms of the compliance engagement. Overarching Standard: ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information Performance engagement ASAE 3500* / AG-5** (No international equivalent, ISAE 3000 (Revised) applies) Focus on (for example): • Service delivery • Effective use of funds / resources Assess the economy, efficiency or effectiveness of an activity against identified criteria. Economy – the acquisition of the appropriate quality and quantity of resources at the appropriate times and at the lowest cost. Efficiency – the use of resources such that output is optimised for any given set of resource inputs, or input is minimised for any given quantity and quality of output. Effectiveness – the achievement of the objectives or other intended effects of activities at a program or entity level. Common public sector engagements * Australia ** New Zealand Audit & Assurance Chartered Accountants Program Page 1 of 1 Quick reference guide 18.2 – Public Sector Assurance Engagements
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