Document ID: chunk:federal_register_of_legislation:F2023C00340:reg:10:p26
Version: federal_register_of_legislation:F2023C00340
Segment Type: reg
Provision Reference: reg 10 (pt 26/29)
Character Range: 77163–80056

20X1.  The Company has been unable to conclude re‑negotiations to obtain replacement financing.  The directors have refused to extend their assessment of the Company's ability to continue as a going concern beyond 30 September 20X1 given the uncertainty of obtaining suitable replacement financing.  We have been unable to obtain alternative evidence which would provide sufficient appropriate audit evidence as to whether the Company may be able to obtain such financing, and hence remove significant doubt of its ability to continue as a going concern within twelve months of the date of this auditor's report.

Responsibilities of the Directors for the Financial Report

[Reporting in accordance with ASA 700 – see [Aus] Illustration 1A in ASA 700.]

Auditor's Responsibilities for the Audit of the Financial Report

[Reporting in accordance with ASA 705 – see [Aus] Illustration 5 in ASA 705.]

Report on the Remuneration Report[#]

[Reporting in accordance with ASA 700 – see [Aus] Illustration 1A in ASA 700.]

[Auditor's name and signature] [#]

[Name of Firm]

[Date of the auditor's report]

[Auditor's Address]

[*]  Early adoption, in conjunction with ASA 315 Identifying and Assessing the Risks of Material Misstatement, permitted.
[1]  See Australian Accounting Standard AASB 101 Presentation of Financial Statements, paragraphs 25–26.
[*]  See AASB 101 Presentation of Financial Statements.
[#]  See, for example, section 295(4) of the Corporations Act 2001.
[2] See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards, paragraphs A51–A52.
[3]  See ASA 315 Identifying and Assessing the Risks of Material Misstatement, paragraph 13.
[4] [Deleted by the AUASB.  Refer paragraphs Aus 13.1 and Aus 13.2]
[5]  See ASA 705 Modifications to the Opinion in the Independent Auditor's Report.
[6]  See ASA 260 Communication with Those Charged with Governance, paragraph 13.
[7]  See ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report.
[8]  See ASA 701, paragraphs 15 and A41.
[9]  See AASB 101 Presentation of Financial Statements, paragraphs 38–41.
[10]  See ASA 315, paragraph 37.
[11] See ASA 330 The Auditor's Responses to Assessed Risks.
[12]  For example, AASB 101, paragraph 26, defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period.
[13]  See ASA 700 Forming an Opinion and Reporting on a Financial Report, paragraph 14.
[14]   See ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report.
[15]  See ASA 706, paragraph A2.
[16]   See ASA 705, paragraph 10.
[*]  See section 311 of the Corporations Act 2001.
[#]  See, for example, ASIC Regulatory Guide 34 Auditors' obligations: Reporting to ASIC (May 2013).
[*]  See ASA 600 Special Considerations—Audits of