Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p4
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 4/53)
Character Range: 19627–22896

financial reporting framework designed to meet the common financial information needs of a wide range of users.  The financial reporting framework may be a fair presentation framework or a compliance framework.

         The term "fair presentation framework" is used to refer to a financial reporting framework that requires compliance with the requirements of the framework and:

(i)                 Acknowledges explicitly or implicitly that, to achieve fair presentation of the financial report, it may be necessary for management to provide disclosures beyond those specifically required by the framework; or

(ii)               Acknowledges explicitly that it may be necessary for management to depart from a requirement of the framework to achieve fair presentation of the financial report.  Such departures are expected to be necessary only in extremely rare circumstances.

    The term "compliance framework" is used to refer to a financial reporting framework that requires compliance with the requirements of the framework, but does not contain the acknowledgements in (i) or (ii) above.[6]

(c)                Unmodified opinion – The opinion expressed by the auditor when the auditor concludes that the financial report is prepared, in all material respects, in accordance with the applicable financial reporting framework.[7]

8.                    [Deleted by the AUASB.  Refer Aus 8.1 and Aus 8.2][8]

Aus 8.1 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.

Aus 8.2 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.

9.                   [Deleted by the AUASB.  Refer Aus 9.1]

Aus 9.1 Reference to "Australian Accounting Standards" in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to "International Financial Reporting Standards" (IFRSs), means the International Financial Reporting Standards issued by the International Accounting Standards Board.

Requirements

Forming an Opinion on the Financial Report

10.               The auditor shall form an opinion on whether the financial report is prepared, in all material respects, in accordance with the applicable financial reporting framework.[9],[10]

11.               In order to form that opinion, the auditor shall conclude as to whether the auditor has obtained reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error.  That conclusion shall take into account:

(a)                The auditor's conclusion, in accordance with ASA 330, whether sufficient appropriate audit evidence has been obtained;[11]

(b)                The auditor's conclusion, in accordance with ASA 450, whether uncorrected misstatements are material, individually or in aggregate;[12] and

(c)                The evaluations required by paragraphs 12–15 of this Auditing Standard.

12.               The auditor shall evaluate whether