Document ID: chunk:federal_register_of_legislation:F2023C00340:reg:10:p24
Version: federal_register_of_legislation:F2023C00340
Segment Type: reg
Provision Reference: reg 10 (pt 24/29)
Character Range: 71712–74706

30 June 20X1, and of its performance for the year then ended; and

    (b)                complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Adverse 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 or obtain replacement financing and is considering filing for bankruptcy.  This situation indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.  The financial report does not adequately disclose this fact.

We conducted our audit in accordance with Australian Auditing Standards.  Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report.  We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia.  We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of ABC Company Ltd., would be on the same terms if given to the directors as at the time of this auditor's report.[*]

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion.

Key Audit Matters

Except for the matter described in the Basis for Adverse Opinion section, we have determined that there are no other key audit matters to communicate in our report.

Other Information [or another title if appropriate such as "Information Other than the Financial Report and Auditor's Report Thereon"]

[Reporting in accordance with the reporting requirements in ASA 720 – see [Aus] Illustration 7A in Appendix 3 of ASA 720.  The last paragraph of the other information section in [Aus] Illustration 7A would be customised to describe the specific matter giving rise to the adverse opinion that also affects the other information.[#]]

Responsibilities of the Directors for the Financial Report

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

Auditor's Responsibilities for the Audit of the Financial Report

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

Report on the Remuneration Report[†]

[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