ASQM1 updates in Audit Reports
From
15th December 2022, all firms and practitioners providing any level of
audit and assurance services will need to comply with the new Auditing
Standard ASQM 1 issued by AUASB.
Due
to the above update, we have updated the Audit Reports issued by
Cloudoffis. The content of ASQC1 has been replaced with the content of
ASQM1 under Independence and Quality Control.
The content below in red which is striked through have been replaced by the yellow highlighted content in all 4 Audit reports provided by Cloudoffis:
Independence
and Quality Control
I have complied with the independence and other
ethical requirements relating to assurance engagements, and applied Auditing
Standards ASQC 1 Quality Control for
Firms that Perform Audits and Reviews of Financial Reports and Other Financial
Information, and Other Assurance Engagements ASQM 1
Quality Management for Firms that Perform Audits or Reviews of Financial
Reports and Other Financial Information, or Other Assurance or Related Services
Engagements in
undertaking this assurance engagement. In particular, neither myself, my firm
or my network firm assumed a management responsibility for the fund. Where my
firm or network firm provided any other non-assurance services to the fund, we
are satisfied that those services were not prohibited under the Code and any
independence threats arising have been eliminated or reduced to an acceptable
level by the application of safeguards.
Below is the screenshot of the Unqualified Audit Report template from Cloudoffis:
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