Document ID: chunk:federal_register_of_legislation:F2022C01186:reg:14:p6
Version: federal_register_of_legislation:F2022C01186
Segment Type: reg
Provision Reference: reg 14 (pt 6/30)
Character Range: 28141–31268

set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework.  For example, a complete set of financial statements as described in Accounting Standard AASB 101[*] includes:

(a) a statement of financial position as at the end of the period;

(b) a statement of comprehensive income for the period;

(c) a statement of changes in equity for the period;

(d) a statement of cash flows for the period; and

(e) notes, comprising a summary of significant accounting policies and other explanatory information.

(d)                Auditor means the person or persons conducting the audit, usually the engagement partner or other members of the engagement team, or, as applicable, the firm.  Where an Auditing Standard expressly intends that a requirement or responsibility be fulfilled by the engagement partner, the term "engagement partner" rather than "auditor" is used.  "Engagement partner" and "firm" are to be read as referring to their public sector equivalents where relevant.

(e)                Detection risk means the risk that the procedures performed by the auditor to reduce audit risk to an acceptably low level will not detect a misstatement that exists and that could be material, either individually or when aggregated with other misstatements.

(f)                 Financial statements means a structured representation of historical financial information, including disclosures, intended to communicate an entity's economic resources or obligations at a point in time or the changes therein for a period of time in accordance with a financial reporting framework.  The term "financial statements" ordinarily refers to a complete set of financial statements as determined by the requirements of the applicable financial reporting framework, but can also refer to a single financial statement.  Disclosures comprise explanatory or descriptive information, set out as required, expressly permitted or otherwise allowed by the applicable financial reporting framework, on the face of a financial statement, or in the notes, or incorporated therein by crossreference. (Ref: Para. A1‒A2)

Aus 13.2 Financial Report means, for the purpose of the Corporations Act 2001,[*] financial statements for the year or the half‑year and notes to the financial statements, and the directors' declaration about the statements and notes.

Financial Report means, for purposes other than the Corporations Act 2001, a complete set of financial statements, and an assertion statement by those responsible for the financial report.

(g)                Historical financial information means information expressed in financial terms in relation to a particular entity, derived primarily from that entity's accounting system, about economic events occurring in past time periods or about economic conditions or circumstances at points in time in the past.

(h)                Management means the person(s) with executive responsibility for the conduct of the entity's operations.  For some entities in some jurisdictions, management includes