Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p7
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 7/53)
Character Range: 28659–31947

accordance with a fair presentation framework, the auditor's opinion shall, unless otherwise required by law or regulation, use one of the following phrases, which are regarded as being equivalent:

(a)                In our opinion, the accompanying financial report presents fairly, in all material respects, […] in accordance with [the applicable financial reporting framework]; or

(b)                In our opinion, the accompanying financial report gives a true and fair view of […] in accordance with [the applicable financial reporting framework].  (Ref: Para. A24–A31)

26.               When expressing an unmodified opinion on a financial report prepared in accordance with a compliance framework, the auditor's opinion shall be that the accompanying financial report is prepared, in all material respects, in accordance with [the applicable financial reporting framework].  (Ref: Para. A26–A31)

27.               If the reference to the applicable financial reporting framework in the auditor's opinion is not to the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board or International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board, the auditor's opinion shall identify the jurisdiction of origin of the framework.

Basis for Opinion

28.               The auditor's report shall include a section, directly following the Opinion section, with the heading "Basis for Opinion", that: (Ref: Para. A32)

(a)                States that the audit was conducted in accordance with Australian Auditing Standards; (Ref: Para. A33)

(b)                Refers to the section of the auditor's report that describes the auditor's responsibilities under the Australian Auditing Standards;

(c)                 [Deleted by the AUASB.  Refer Aus 28.1(c)]

Aus 28.1(c) Includes a statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit, and has fulfilled the auditor's other ethical responsibilities in accordance with these requirements.  The statement shall identify the relevant ethical requirements applicable within Australia; and (Ref: Para. Aus A34.1–A39)

(d)                States whether the auditor believes that the audit evidence the auditor has obtained is sufficient and appropriate to provide a basis for the auditor's opinion.

Going Concern

29.               Where applicable, the auditor shall report in accordance with ASA 570.[13]

Key Audit Matters

30.               For audits of financial reports of listed entities, the auditor shall communicate key audit matters in the auditor's report in accordance with ASA 701.

31.               When the auditor is otherwise required by law or regulation or decides to communicate key audit matters in the auditor's report, the auditor shall do so in accordance with ASA 701.  (Ref: Para. A40–A43)

Other Information

32.               Where applicable, the auditor shall report in accordance with ASA 720.[14]

Responsibilities for the Financial Report

33.               The auditor's report shall include a section with a heading "Responsibilities of Management for the Financial Report."  The auditor's report shall use the