Document ID: chunk:federal_register_of_legislation:F2021C01247:reg:10:p16
Version: federal_register_of_legislation:F2021C01247
Segment Type: reg
Provision Reference: reg 10 (pt 16/21)
Character Range: 48605–51698

an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership's internal control.[29]

      * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Partnership's ability to continue as a going concern.  If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion.  Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.  However, future events or conditions may cause the Partnership to cease to continue as a going concern.

      * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

[Signature][*]

[Date of the auditor's report][#]

[Auditor's address]

[Aus] Illustration 5: An auditor's report on a financial report prepared by a not-for-profit incorporated association in accordance with the financial reporting provisions of the applicable legislation (for purposes of this illustration, a fair presentation framework).

For purposes of this illustrative auditor's report, the following circumstances are assumed:

      * Audit of the financial report prepared by a not-for-profit incorporated association to meet the financial reporting requirements of the applicable legislation.  Management does not have a choice of financial reporting frameworks.

      * The applicable financial reporting framework is a fair presentation framework.

      * The financial report is not prepared under the Corporations Act 2001.

      * The terms of the audit engagement reflect the description of management's responsibility for the financial report in ASA 210.

      * The auditor has concluded an unmodified (i.e., "clean") opinion is appropriate based on the audit evidence obtained.

      * 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.

      * Distribution and use of the auditor's report is not restricted.

      * The auditor is not required, and