Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p14
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 14/23)
Character Range: 43694–46702

immaterial but require a modification to the auditor's opinion because of the effects or possible effects of the unresolved matter on the comparability of the current period's figures and the corresponding figures.
                    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).
                    Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does not exist related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern in accordance with ASA 570.
                    The auditor is not required, and has otherwise not decided, to communicate key audit matters in accordance with ASA 701.
                    The auditor has not obtained any other information prior to the date of the auditor's report.
                    Those responsible for oversight of the financial report differ from those responsible for the preparation of the financial report.
                    The auditor has no other reporting responsibilities required under local law.

INDEPENDENT AUDITOR'S REPORT

To the Members of ABC Entity [or Other Appropriate Addressee]

Report on the Audit of the Financial Report[20]

Qualified Opinion

We have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, 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 declaration by those charged with governance.[*]

In our opinion, except for the possible effects on the corresponding figures of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial report presents fairly, in all material respects, (or gives a true and fair view of) the financial position of the Entity as at 30 June 20X1, and (of) its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards.

Basis for Qualified Opinion

Because we were appointed auditors of the Entity during 20X0, we were not able to observe the counting of the physical inventories at the beginning of that period or satisfy ourselves concerning those inventory quantities by alternative means.  Since opening inventories affect the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for 20X0.  Our audit opinion on the financial report for the period ended 30 June 20X0 was modified accordingly.  Our opinion on the current period's financial report is also modified because of the possible effect of this matter on the comparability of the current period's