All standards are important, however for the purposes of this course read those indicated in bold type at least twice and , where the title is also underlined, study it.

Standards typically start with “Main features of the standard” and/or an "Introduction". these sections show the purpose or objective of the standard, the subsequent paragraphs expand the details.
Some standards include appendices showing relevant tables and examples which are very useful at a practical level.

Numbers of standards are followed by a secondary explanatory section. These generally show the links between the existing standard and previous standards and to sections of legislation, they commonly point out that a standard now uses the word “Shall” rather than “Should”  thus making the substance of that standard mandatory rather than discretionary in nature. Explanatories are, by and large, similar in this respect so I have omitted descriptions of them from this summary.
 
In effect Audit and Accounting standards now have the force of law because S227B of the Australian Securities and Investments Commission Act 2001 and S336 of the Corporations Act 2001 “Adopt” the standards in force from time to time.
Section 307A of the Corporations Act 2001 requires Auditors to conduct audits undertaken pursuant to Part 2M.3 of the Act in Accordance with current standards. Similarly S334 of the Corporations Act 2001 says that Accounts must comply with the Accounting Standards. Further Auditing standards are now legislative instruments under The Legislstive Instruments Act 2003