Document ID: chunk:federal_register_of_legislation:F2023C00370:reg:9:p7
Version: federal_register_of_legislation:F2023C00370
Segment Type: reg
Provision Reference: reg 9 (pt 7/13)
Character Range: 23556–26562

the auditor from giving an opinion which is qualified regarding the financial performance and cash flows and unmodified regarding financial position.
                    The relevant ethical requirements that apply to the audit are the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards).
                    Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does not exist related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern in accordance with ASA 570.[9]
                    The auditor is not required, and has otherwise not decided, to communicate key audit matters in accordance with ASA 701.[10]
                    Corresponding figures are presented, and the prior period's financial report was audited by a predecessor auditor.  The auditor is not prohibited by law or regulation from referring to the predecessor auditor's report on the corresponding figures and has decided to do so.
                    Those responsible for oversight of the financial report differ from those responsible for the preparation of the financial report.
                    The auditor has obtained all of the other information prior to the date of the auditor's report and has not identified a material misstatement of the other information.[*]
                    In addition to the audit of the financial report, the auditor has other reporting responsibilities required under local law.

INDEPENDENT AUDITOR'S REPORT

To the Members of ABC Entity [or Other Appropriate Addressee]

Report on the Audit of the Financial Report[11]

Qualified Opinion

We have audited the financial report of ABC Entity (the Entity), 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 declaration by those charged with governance.

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 presents fairly, in all material respects, (or gives a true and fair view of) the financial position of the Entity as at 30 June 20X1, and (of) its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards.

Basis for Qualified Opinion

We were appointed as auditors of the Entity 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