AASB 136 Impairment of Assets for Auditors
What does AASB 136 Impairment of Assets require of a Auditor?
The Australian adoption of IAS 36: when an entity must test an asset or cash-generating unit for impairment, how recoverable amount is measured as the higher of fair value less disposal costs and value in use (projection basis, excluded cash flows, pre-tax discount rate), how goodwill and corporate assets are allocated and tested, how impairment losses are recognised, allocated within a unit and reversed, and the disclosures about losses, units and the key assumptions and sensitivities behind goodwill tests, with the not-for-profit modifications. Under AASB 136 Impairment of Assets, which defines 27 controls, a Auditor's work is deciding which controls you own outright, which you share and which belong to another team, then holding the evidence for the first group.
Which AASB 136 Impairment of Assets controls land on the Auditor
Internal Auditors assess whether compliance controls are operating effectively. They plan and execute audit engagements, evaluate evidence, report findings, and track remediation of identified gaps and nonconformities.
AASB 136 Impairment of Assets defines 27 controls across 7 domains that directly affect the Auditor role. Understanding which controls fall within your ownership, which are shared, and which are owned by other teams is the foundation of effective compliance management.
What a Auditor is accountable for under AASB 136 Impairment of Assets
Planning and executing risk-based audit engagements against compliance frameworks
Evaluating control design and operating effectiveness through testing
Documenting findings, observations, and recommendations in audit reports
Tracking remediation actions and verifying closure of audit findings
Assessing organisational readiness for external audits and certifications
Where Auditors lose time on AASB 136 Impairment of Assets
These are the most common obstacles Auditors face when managing AASB 136 Impairment of Assets compliance, and how to address them:
Challenge 1
Efficiently testing controls across large, complex frameworks
Challenge 2
Accessing reliable evidence without disrupting business operations
Challenge 3
Mapping controls across multiple frameworks to avoid duplicate audit testing
Challenge 4
Keeping audit programmes current with regulatory and framework changes
Challenge 5
Communicating audit findings in a way that drives management action
A working order for a Auditor starting on AASB 136 Impairment of Assets
1. Readiness Assessment
Take a 5-minute readiness assessment to identify your organisation's current gap profile against AASB 136 Impairment of Assets. Get a prioritised action plan tailored to your specific situation.
2. Cross-Framework Mapping
Use our platform to map AASB 136 Impairment of Assets controls against other frameworks you already comply with. Identify overlapping controls to reduce duplicate effort.
3. Build Your Toolkit
Equip yourself with AASB 136 Impairment of Assets toolkits, self-assessments, and implementation guides from our store. Resources designed specifically for Auditors managing compliance programmes.
4. Continuous Monitoring
Establish ongoing compliance monitoring using our platform's gap analysis tools. Track your maturity over time and demonstrate progress to stakeholders.
AASB 136 Impairment of Assets in your sector
Who else owns part of AASB 136 Impairment of Assets
Questions Auditors ask about AASB 136 Impairment of Assets
What does a Auditor need to know about AASB 136 Impairment of Assets?
How does AASB 136 Impairment of Assets affect the Auditor role?
What are the biggest AASB 136 Impairment of Assets challenges for Auditors?
How should a Auditor prepare for a AASB 136 Impairment of Assets audit?
What tools help Auditors manage AASB 136 Impairment of Assets compliance?
Auditor: How ready is your organisation for AASB 136 Impairment of Assets?
Answer 25 questions and get a professional readiness report with gap analysis, maturity scores, and prioritised action items. Results in 5 minutes.