Preparing
Last updated 2 May 2024
Phases of the assurance process — preparing
During the preparing phase, the auditor must decide whether they can conduct the engagement.
As part of this phase, the auditor:
1. assesses the risks of accepting the engagement
2. checks whether they are independent of the audited body
3. selects the audit team and has each member sign an independence and conduct declaration
4. considers whether they need to include an external expert in the audit team
5. accepts or rejects the engagement terms.
Subsection 3.3(2) of the Determination explains the minimum requirements for the engagement terms.
For the engagement to begin, the engagement terms must be agreed in writing by the audit team leader and the person appointing the audit team leader.
Assurance engagement process
Assurance engagements tell us how confident we can be in the information provided to us.
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