Document ID: chunk:federal_register_of_legislation:F2023C00341:reg:4:p39
Version: federal_register_of_legislation:F2023C00341
Segment Type: reg
Provision Reference: reg 4 (pt 39/42)
Character Range: 119439–122449

are independent within the meaning of [indicate relevant ethical requirements] and comply with the applicable requirements of [refer to rules] promulgated by [name of regulatory agency].

2.                   We have an understanding of Australian Auditing Standards and [indicate other national standards applicable to the audit of the group financial report] that is sufficient to fulfill our responsibilities in the audit of the group financial report and will conduct our work on the financial information of [name of component] for the year ended [date] in accordance with those standards.

3.                   We possess the special skills (for example, industry specific knowledge) necessary to perform the work on the financial information of the particular component.

4.                   We have an understanding of [indicate applicable financial reporting framework or group financial reporting procedures manual] that is sufficient to fulfill our responsibilities in the audit of the group financial report.

We will inform you of any changes in the above representations during the course of our work on the financial information of [name of component].

[Auditor's signature]

[Date]

[Auditor's address]

Appendix 5

(Ref: Para. A58)

Required and Additional Matters Included in the Group Engagement Team's Letter of Instruction

Matters required by this Auditing Standard to be communicated to the component auditor are shown in italicised text.

Matters that are relevant to the planning of the work of the component auditor:

      * A request for the component auditor, knowing the context in which the group engagement team will use the work of the component auditor, to confirm that the component auditor will co‑operate with the group engagement team.

      * The timetable for completing the audit.

      * Dates of planned visits by group management and the group engagement team, and dates of planned meetings with component management and the component auditor.

      * A list of key contacts.

      * The work to be performed by the component auditor, the use to be made of that work, and arrangements for coordinating efforts at the initial stage of and during the audit, including the group engagement team's planned involvement in the work of the component auditor.

      * [Deleted by the AUASB.  Refer Aus 0.4][27]

      * Aus 0.4 The ethical requirements that are relevant to the group audit and, in particular, the independence requirements.  For example, since the use of internal auditors to provide direct assistance is prohibited in an audit or review conducted in accordance with the Australian Auditing Standards, it is relevant for the group auditor to address this prohibition in the communication to the component auditors, including those overseas.[#]

      * In the case of an audit or review of the financial information of the component, component materiality (and, if applicable, the materiality level or levels for particular classes of transactions,