Document ID: chunk:federal_register_of_legislation:F2023C00340:reg:10:p25
Version: federal_register_of_legislation:F2023C00340
Segment Type: reg
Provision Reference: reg 10 (pt 25/29)
Character Range: 74407–77429

[Reporting in accordance with ASA 700 – see [Aus] Illustration 1A in ASA 700.]

[Auditor's name and signature][*]

[Name of Firm]

[Date of the auditor's report]

[Auditor's Address]

Example Auditor's Report
    Disclaimer of Opinion (Limitation of Scope)
    Single listed Company‑Corporations Act 2001
(Fair Presentation Framework)

[Aus] Illustration 4A:

For purposes of the illustrative auditor's report, the following circumstances are assumed:

      * Audit of the financial report of a single listed company.  The audit is not a group audit (i.e. ASA 600[*] does not apply).

      * The financial report is prepared by the directors of the company in accordance with Australian Accounting Standards (a general purpose framework) and under the Corporations Act 2001.

      * The terms of the audit engagement reflect the description of the directors' responsibility for the financial report in ASA 210.[#]

      * The relevant ethical requirements that apply to the audit are the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards).

      * The auditor is unable to obtain sufficient appropriate audit evidence about the company's ability to continue as a going concern as the directors have refused to extend their going concern assessment up to the relevant period (limitation of scope).

      * The auditor is not permitted to communicate key audit matters in accordance with ASA 705.[†]

      * The auditor does not include an other information section in accordance with ASA 720.[§]

      * In addition to the audit of the financial report, the auditor has other reporting responsibilities required under section 308(3C) of the Corporations Act 2001.

INDEPENDENT AUDITOR'S REPORT

[Appropriate Addressee]

Report on the Audit of the Financial Report[‡]

Disclaimer of Opinion

We were engaged to audit the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, and the directors' declaration.

We do not express an opinion on the accompanying financial report of the Company.  Because of the significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on this financial report.

Basis for Disclaimer of Opinion

The Company's financing arrangements expired and the amount outstanding was payable on 30 June 20X1.  The Company has been unable to conclude re‑negotiations to obtain replacement financing.  The directors have refused to extend their assessment of the Company's ability to continue as a going concern beyond 30 September 20X1 given the uncertainty of obtaining