Document ID: chunk:federal_register_of_legislation:F2020L00885:body:0:p11
Version: federal_register_of_legislation:F2020L00885
Segment Type: other
Provision Reference: 
Character Range: 30320–33527

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 &and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) ...

…

Amendments to ASA 600

Amendments to ASA 600 Appendix 1: Illustration 1 and [Aus] Illustration 1A

45.               The seventh point of both Illustration 1 and [Aus] Illustration 1A are amended as follows:

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

    …

               * The relevant ethical requirements that apply to the audit are the Accounting Professional &and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards).

    …

46.               Illustration 1: Example Auditor's Report on a General Purpose Financial Report – Qualified Opinion, where the group engagement team is not able to obtain sufficient appropriate audit evidence on which to base the group audit opinion (Fair Presentation Framework), is amended as follows:

INDEPENDENT AUDITOR'S REPORT

…

Basis for Qualified Opinion

…

We conducted our audit in accordance with Australian Auditing Standards. ... We are independent of the Group in accordance with the ethical requirements of the Accounting Professional &and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) ...

…

47.               [Aus] Illustration 1A: Example Auditor's Report on a General Purpose Financial Report – Qualified Opinion under the Corporations Act 2001, where the group engagement team is not able to obtain sufficient appropriate audit evidence on which to base the group audit opinion (Fair Presentation Framework), is amended as follows:

INDEPENDENT AUDITOR'S REPORT

…

Basis for Qualified Opinion

…

We conducted our audit in accordance with Australian Auditing Standards. ... We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional &and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) ...

…

Amendments to ASA 620

48.               Paragraph A18 is amended as follows:

A broad range of circumstances may threaten objectivity, for example, self-interest threats, advocacy threats, familiarity threats, self-review threats, and intimidation threats. Safeguards may eliminate or reduce such threats, and may be created by external structures (for example, the auditor's expert's profession, legislation or regulation), or by the auditor's expert's work environment (for example, quality control policies and procedures)Such threats may be addressed by eliminating the circumstances that create the threats, or applying safeguards to reduce threats to an acceptable level. There may also be safeguards specific to the audit engagement.

49.               Paragraph A19 is amended as follows:

The evaluation of whether the threats to