The Australian Auditing and Assurance Standards Board (AUASB) has released ASAE 3500 Performance Engagements, which establishes mandatory requirements and provides explanatory guidance for conducting and reporting on performance engagements.  
 
Such requirements include:

• Relationship with other ASAEs, ASAs and ASREs 
  
• Ethics 
  
• Quality control 
  
• Initiation or acceptance 
  
• Terms of the engagement 
  
• Understanding the activity 
  
• Assessing the appropriateness of the activity as the subject matter 
  
• Assessing the suitability of the criteria; and  
  
• Reporting findings, recommendations and responsible party comments.

• A three-party relationship involving an assurance practitioner, a responsible party or a number of responsible parties, and intended users, where either the responsible party or the intended user may also be the engaging party  
  
• An appropriate activity  
  
• Suitable criteria  
  
• Sufficient appropriate evidence; and  
  
• A written assurance report in a form appropriate to a performance audit engagement, or a performance review engagement, or a report addressing both levels of assurance.