Document ID: chunk:federal_register_of_legislation:F2021C01242:reg:5:p6
Version: federal_register_of_legislation:F2021C01242
Segment Type: reg
Provision Reference: reg 5 (pt 6/12)
Character Range: 21317–24364

necessary amendments have been made.  If the financial report is nevertheless subsequently issued without the necessary amendments, the auditor shall take appropriate action, to seek to prevent reliance on the auditor's report.  (Ref. Para: A16‑A17)

Facts Which Become Known to the Auditor after the Financial Report Has Been Issued

14.               [Deleted by the AUASB.  Refer Aus 14.1.]

Aus 14.1 After the financial report has been issued, the auditor has no obligation to perform any audit procedures regarding such financial report.  However, if, after the financial report has been issued, a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor's report, may have caused the auditor to amend the auditor's report, the auditor shall, within a reasonable period of time:

             (a)                Discuss the matter with management and, where appropriate, those charged with governance;

             (b)                Determine whether the financial report needs amendment and; if so,

             (c)                Enquire how management intends to address the matter in the financial report.

15.               If management amends the financial report, the auditor shall: (Ref: Para. A19)

(a)                Carry out the audit procedures necessary in the circumstances on the amendment.

(b)                Review the steps taken by management to ensure that anyone in receipt of the previously issued financial report together with the auditor's report thereon is informed of the situation.

(c)                Unless the circumstances in paragraph 12 of this Auditing Standard apply:

(i)                 Extend the audit procedures referred to in paragraphs 6 and 7 of this Auditing Standard to the date of the new auditor's report, and date the new auditor's report no earlier than the date of approval of the amended financial report; and

(ii)               Provide a new auditor's report on the amended financial report.

(d)                When the circumstances in paragraph 12 of this Auditing Standard apply, amend the auditor's report, or provide a new auditor's report as required by paragraph 12 of this Auditing Standard.

16.               The auditor shall include in the new or amended auditor's report an Emphasis of Matter paragraph or Other Matter(s) paragraph referring to a note in the financial report that more extensively discusses the reason for the amendment of the previously issued financial report and to the earlier report provided by the auditor.

17.               If management, or those charged with governance, do not take the necessary steps to ensure that anyone in receipt of the previously issued financial report is informed of the situation and does not amend the financial report in circumstances where the auditor believes they need to be amended, the auditor shall notify management and, unless all of those charged with governance are involved in managing the entity,[7] those charged with governance, that the auditor will seek