Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 3/02/2012

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

12RU-002 Release of revised version of Guidance Statement GS 007 

GS 007 Audit Implications of the Use of Service Organisations for Investment Management Services has recently been revised and reissued and will have an impact on user and service auditors in relation to reporting by investment management service organisations to their clients.
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Key points

  • GS 007 has been revised and reissued and will have an impact on service organisations.
  • Effective for reporting periods commencing on or after 1 January 2012.
  • Revision allows for impacts of clarified standards and ASAE 3402 Assurance Reports on Controls at a Service Organisation.
  • Minimum set of control objectives prescribed for each service has been reviewed and revised.
IFRS Briefing Sheets - International financial reporting updates 

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