Document ID: chunk:federal_register_of_legislation:F2023C01138:reg:4:p19
Version: federal_register_of_legislation:F2023C01138
Segment Type: reg
Provision Reference: reg 4 (pt 19/43)
Character Range: 57675–60674

the Financial Report Exists or the Auditor's Understanding of the Entity and Its Environment Needs to Be Updated (Ref: Para. 20)

A51.         In reading the other information, the auditor may become aware of new information that has implications for:

           * The auditor's understanding of the entity and its environment, the financial reporting framework and the entity's system of internal control and, accordingly, may indicate the need to revise the auditor's risk assessment.[14]

           * The auditor's responsibility to evaluate the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial report.[15]

           * The auditor's responsibilities relating to subsequent events.[16]

Reporting (Ref: Para. 21–24)

A52.         For an audit of a financial report of an entity other than a listed entity, the auditor may consider that the identification in the auditor's report of other information that the auditor expects to obtain after the date of the auditor's report would be appropriate in order to provide additional transparency about the other information that is subject to the auditor's responsibilities under this Auditing Standard.  The auditor may consider it appropriate to do so, for example, when management is able to represent to the auditor that such other information will be issued after the date of the auditor's report.

         Aus A52.1 Refer [Aus] Appendix 2 for a decision tree diagram of other information reporting.

Illustrative Statements (Ref: Para. 21–22)

A53.         Illustrative examples of the "Other Information" section of the auditor's report are included in [Aus] Appendix 3.

Reporting Implications When the Auditor's Opinion on the Financial Report Is Qualified or Adverse (Ref: Para. 23)

A54.         A qualified or adverse auditor's opinion on the financial report may not have an impact on the statement required by paragraph 22(e) if the matter in respect of which the auditor's opinion has been modified is not included or otherwise addressed in the other information and the matter does not affect any part of the other information.  For example, a qualified opinion on the financial report because of nondisclosure of directors' remuneration as required by the applicable financial reporting framework may have no implications for the reporting required under this Auditing Standard.  In other circumstances, there may be implications for such reporting as described in paragraphs A55–A58.

Qualified Opinion Due to a Material Misstatement in the Financial Report

A55.         In circumstances when the auditor's opinion is qualified, consideration may be given as to whether the other information is also materially misstated for the same matter as, or a related matter to, the matter giving rise to the qualified opinion on the financial report.

Qualified Opinion Due to Limitation of Scope

A56.         When there is a limitation of scope with respect to a material item in