Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p32
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 32/57)
Character Range: 97784–100744

Act 2001 and the Accounting Professional and Ethics Standard Board APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (The Code) in relation to the review of the half‑year financial report.  In conducting our review of the half‑year financial report, should we become aware that we have contravened the independence requirements of the Corporations Act 2001, we shall notify you on a timely basis.  As part of our review process, we shall also provide you with a written independence declaration as required by the Corporations Act 2001.

The Corporations Act 2001 includes specific restrictions on the employment relationships that can exist between the reviewed entity and its auditors.  To assist us in meeting the independence requirements of the Corporations Act 2001, and to the extent permitted by law and regulation, we request you discuss with us:

      * The provision of services offered to you by [insert firm name] prior to engaging or accepting the service; and

      * The prospective employment opportunities of any current or former partner or professional employee of [insert firm name] prior to the commencement of formal employment discussions with the current or former partner or professional employee.

Presentation of the reviewed half‑year financial report in electronic format

It is our understanding that [the entity] intends to publish a hard copy of the reviewed half‑year financial report and the auditor's review report for members, and to electronically present the reviewed half‑year financial report and the auditor's review report on its internet web site.  When information is presented electronically on a web site, the security and controls over information on the web site should be addressed by [the entity] to maintain the integrity of the data presented.  The examination of the controls over the electronic presentation of reviewed financial information on the entity's web site is beyond the scope of the review of the half‑year financial report.  Responsibility for the electronic presentation of the half‑year financial report on the entity's web site is that of the [governing body of the entity].

Fees

[Insert additional information here regarding fee arrangements and billings, as appropriate.]

We look forward to full co‑operation with your staff and we trust that they will make available to us whatever records, documentation and other information are requested in connection with our review.

[This letter will be effective for future years unless it is terminated, amended or superseded.[15]]

Please sign and return the attached copy of this letter to indicate that it is in accordance with your understanding of the arrangements for our review of the half‑year financial report.

Yours faithfully,

(signed)

……………………….

Name and Title

Date

Acknowledged on behalf of [entity] by

(signed)

……………………….

Name and Title

Date

EXAMPLE OF A REPRESENTATION LETTER