Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p6
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 6/53)
Character Range: 25733–28946

of Opinion

16.               The auditor shall express an unmodified opinion when the auditor concludes that the financial report is prepared, in all material respects, in accordance with the applicable financial reporting framework.

17.               If the auditor:

(a)                concludes that, based on the audit evidence obtained, the financial report as a whole is not free from material misstatement; or

(b)                is unable to obtain sufficient appropriate audit evidence to conclude that the financial report as a whole is free from material misstatement,

the auditor shall modify the opinion in the auditor's report in accordance with ASA 705.

18.               If the financial report prepared in accordance with the requirements of a fair presentation framework does not achieve fair presentation, the auditor shall discuss the matter with management and, depending on the requirements of the applicable financial reporting framework and how the matter is resolved, shall determine whether it is necessary to modify the opinion in the auditor's report in accordance with ASA 705.  (Ref: Para. A16)

19.               When the financial report is prepared in accordance with a compliance framework, the auditor is not required to evaluate whether the financial report achieves fair presentation.  However, if in extremely rare circumstances the auditor concludes that such a financial report is misleading, the auditor shall discuss the matter with management and, depending on how it is resolved, shall determine whether, and how, to communicate it in the auditor's report.  (Ref: Para. A17)

Auditor's Report

20.               The auditor's report shall be in writing.  (Ref: Para. A18–A19)

Auditor's Report for Audits Conducted in Accordance with Australian Auditing Standards

Title

21.               The auditor's report shall have a title that clearly indicates that it is the report of an independent auditor.  (Ref: Para. A20)

Addressee

22.               The auditor's report shall be addressed, as appropriate, based on the circumstances of the engagement.  (Ref: Para. A21)

Auditor's Opinion

23.               The first section of the auditor's report shall include the auditor's opinion, and shall have the heading "Opinion."

24.               The Opinion section of the auditor's report shall also:

(a)                Identify the entity whose financial report has been audited;

(b)                State that the financial report has been audited;

(c)                Identify the title of each statement comprising the financial report;

(d)                Refer to the notes, including the summary of significant accounting policies; and

(e)                Specify the date of, or period covered by, each financial statement comprising the financial report.  (Ref: Para. A22–A23)

25.               When expressing an unmodified opinion on a financial report prepared in accordance with a fair presentation framework, the auditor's opinion shall, unless otherwise required by law or regulation, use one of the following phrases, which are regarded as being equivalent:

(a)                In our opinion, the accompanying financial report presents fairly, in