Document ID: chunk:federal_register_of_legislation:F2023C00370:reg:9:p10
Version: federal_register_of_legislation:F2023C00370
Segment Type: reg
Provision Reference: reg 9 (pt 10/13)
Character Range: 31964–34891

INDEPENDENT AUDITOR'S REPORT

[Appropriate Addressee]

Report on the Audit of the Financial Report

Qualified Opinion

We have audited the financial report of ABC Company Ltd., (the Company), which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, and the directors' declaration.

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial report of ABC Company Ltd., is in accordance with the Corporations Act 2001, including:

    (i)            giving a true and fair view of the company's financial position as at 30 June 20X1 and of its financial performance for the year then ended; and

    (ii)          complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Qualified Opinion

We were appointed as auditors of the company on 31 December 20X0 and thus did not observe the counting of the physical inventories at the beginning of the year.  We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 30 June 20X0.  Since opening inventories enter into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in respect of the income for the year reported in the statement of comprehensive income and the net cash flows from operating activities reported in the statement of cash flows.

We conducted our audit in accordance with Australian Auditing Standards.  Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report.  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 & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia.  We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company would be in the same terms if given to the directors as at the time of this auditor's report.[#]

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Key Audit Matters

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

Other Information [or another title if appropriate such as