Document ID: chunk:federal_register_of_legislation:F2023C01137:body:0:p3
Version: federal_register_of_legislation:F2023C01137
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interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 705 Modifications to the Opinion in the Independent Auditor's Report issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix "Aus".

The following application and other explanatory material are additional to ISA 705:

      * Paragraphs Aus A12.1; Aus A15.1; and Aus A23.1 refer to requirements under the Corporations Act 2001.

      * The appendix includes [Aus] Illustration 1A, [Aus] Illustration 2A and [Aus] Illustration 3A example auditor's reports (in respect of a single company and a group) that conform with the requirements of the Corporations Act 2001.

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 705 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.  There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISA 705.

Auditing Standard ASA 705

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor's Report pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 1 December 2015.

This compiled version of ASA 705 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 15 March 2023 (see Compilation Details).

Auditing Standard ASA 705

Modifications to the Opinion in the Independent Auditor's Report

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods ending on or after 15 December 2016.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilations Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals