Document ID: chunk:federal_register_of_legislation:F2023C01138:reg:4:p18
Version: federal_register_of_legislation:F2023C01138
Segment Type: reg
Provision Reference: reg 4 (pt 18/43)
Character Range: 54902–57940

made (in accordance with paragraph 17(a)) and may include reviewing the steps taken by management to communicate with those in receipt of the other information, if previously issued, to inform them of the revision.

A49.         If those charged with governance do not agree to revise the other information, taking appropriate action to seek to have the uncorrected misstatement appropriately brought to the attention of users for whom the auditor's report is prepared requires the exercise of professional judgement, and may be affected by relevant law or regulation in the jurisdiction.  Accordingly, the auditor may consider it appropriate to seek legal advice about the auditor's legal rights and obligations.

A50.         When a material misstatement of the other information remains uncorrected, appropriate actions that the auditor may take to seek to have the uncorrected material misstatement appropriately brought to the attention of users for whom the auditor's report is prepared, when permitted by law or regulation, include, for example:

           * Providing a new or amended auditor's report to management including a modified section in accordance with paragraph 22, and requesting management to provide this new or amended auditor's report to users for whom the auditor's report is prepared.  In doing so, the auditor may need to consider the effect, if any, on the date of the new or amended auditor's report, in view of the requirements of the Australian Auditing Standards or applicable law or regulation.  The auditor may also review the steps taken by management to provide the new or amended auditor's report to such users;

           * Bringing the material misstatement of the other information to the attention of the users for whom the auditor's report is prepared (for example, by addressing the matter in a general meeting of shareholders);

           * Communicating with a regulator or relevant professional body about the uncorrected material misstatement; or

           * Considering the implications for engagement continuance (see also paragraph A46).

         Aus A50.1 The auditor uses professional judgement in considering the appropriate actions, as suggested in paragraph A50, that the auditor may take in circumstances where a material misstatement of the other information remains uncorrected.  The auditor may also consider obtaining legal advice as part of these considerations.  In respect of audits performed under the Corporations Act 2001, the auditor considers whether the uncorrected material misstatement of other information gives rise to any reporting obligations to the Australian Securities and Investments Commission under section 311 of the Corporations Act 2001.

Responding When a Material Misstatement in the Financial Report Exists or the Auditor's Understanding of the Entity and Its Environment Needs to Be Updated (Ref: Para. 20)

A51.         In reading the other information, the auditor may become aware of new information that has implications for:

           *