Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p30
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 30/53)
Character Range: 93613–96608

events and transactions of which the auditor became aware and that occurred up to that date.  The auditor's responsibility for events and transactions after the date of the auditor's report is addressed in ASA 560.[38]

A67.         Since the auditor's opinion is provided on the financial report and the financial report is the responsibility of management, the auditor is not in a position to conclude that sufficient appropriate audit evidence has been obtained until evidence is obtained that all the statements and disclosures that comprise the financial report, have been prepared and management has accepted responsibility for them.

A68.         In some jurisdictions, law or regulation identifies the individuals or bodies (e.g., the directors) that are responsible for concluding that all the statements and disclosures that comprise the financial report, have been prepared, and specifies the necessary approval process.  In such cases, evidence is obtained of that approval before dating the report on the financial report.  In other jurisdictions, however, the approval process is not prescribed in law or regulation.  In such cases, the procedures the entity follows in preparing and finalising its financial report in view of its management and governance structures are considered in order to identify the individuals or body with the authority to conclude that all the statements that comprises the financial report, including the related notes, have been prepared.  In some cases, law or regulation identifies the point in the financial reporting process at which the audit is expected to be complete.

A69.         In some jurisdictions, final approval of the financial report by shareholders is required before the financial report is issued publicly.  In these jurisdictions, final approval by shareholders is not necessary for the auditor to conclude that sufficient appropriate audit evidence has been obtained.  The date of approval of the financial report for purposes of Australian Auditing Standards is the earlier date on which those with the recognised authority determine that all the statements and disclosures that comprise the financial report, have been prepared and that those with the recognised authority have asserted that they have taken responsibility for them.

Auditor's Report Prescribed by Law or Regulation (Ref: Para. 50)

A70.         ASA 200 explains that the auditor may be required to comply with legal or regulatory requirements in addition to Australian Auditing Standards.[39]  When the differences between the legal or regulatory requirements and Australian Auditing Standards relate only to the layout and wording of the auditor's report, the requirements in paragraph 50(a)–(o) set out the minimum elements to be included in the auditor's report to enable a reference to the Australian Auditing Standards .  In those circumstances, the requirements in paragraphs 21‑49 that are not included in paragraph 50(a)–(o) do not need to be applied