Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p26
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 26/57)
Character Range: 81631–84610

financial reporting and disclosure process.  (Ref: Para. 32)

Reporting the Nature, Extent and Results of the Review of a Financial Report (Ref: Para. 33-34)

A43.         Appendix 4 contains illustrations of the auditor's review reports incorporating the elements in paragraphs 33 to 50. With the exception of the Conclusion and Basis for Conclusion sections, this Auditing Standard does not establish requirements for ordering the elements of the auditor's review report. This Auditing Standard requires the use of specific headings, which are intended to assist in making reports more consistent and recognisable. Also refer to A55 and A56 for guidance on the ordering of the review report.

A44.         Paragraph 34 (f) includes the conclusion required for reviews of financial reports conducted in accordance with the Corporations Act 2001, other financial reports prepared under a fair presentation framework and a compliance framework. In some cases, law or regulation governing the review of a financial report may prescribe wording for the auditor's conclusion that is different from the wording described in paragraph 34(f). Although the auditor may be obliged to use the prescribed wording, the auditor's responsibilities as described in this Auditing Standard for coming to the conclusion remain the same. ASA 700 includes guidance which may be helpful.[8] Illustrative auditor's review reports are set out in Appendices 3 and 4.

Departure from the Applicable Financial Reporting Framework (Ref: Para. 40-41)

A45.         If matters have come to the auditor's attention that cause the auditor to believe that the financial report is or may be materially affected by a departure from the applicable financial reporting framework, and those charged with governance do not correct the financial report, the auditor needs to modify the auditor's review report. If the information that the auditor believes is necessary for adequate disclosure is not included in the financial report, the auditor needs to modify the auditor's review report and, if practicable, include the necessary information in the auditor's review report. Refer to ASA 705 Modifications to the Opinion in the Independent Auditor's Report and ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity for guidance as to appropriate wording to use when issuing a modified conclusion. Also illustrative auditor's review reports with a qualified conclusion are set out in Appendix 4.

A46.         Departures from the applicable financial reporting framework, may result in an adverse conclusion. An illustrative auditor's review report with an adverse conclusion is set out in Appendix 4.

Limitation on Scope (Ref: Para. 42)

A47.         Ordinarily, a limitation on scope prevents the auditor from completing the review.

Limitation on Scope Imposed by Management

A48.         The auditor needs to refuse to accept an engagement to review a