Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p11
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 11/57)
Character Range: 39005–42135

Financial Reporting and the Corporations Regulation 2001[3].

(ii)               When expressing an unmodified conclusion on a financial report prepared in accordance with a fair presentation framework, the report shall include a conclusion as to whether anything has come to the auditor's attention that causes the auditor to believe that the financial report does not present fairly, in all material respects, or if applicable is not true and fair, in accordance with the applicable financial reporting framework (including a reference to the jurisdiction or country of origin of the financial reporting framework when Australia is not the origin of the financial reporting framework used).

(iii)             When expressing an unmodified conclusion on a financial report prepared in accordance with a compliance framework, the report shall include a conclusion as to whether anything has come to the auditor's attention that causes the auditor to believe that the financial report has not been prepared, in all material respects, in accordance with the applicable financial reporting framework (including a reference to the jurisdiction or country of origin of the financial reporting framework when Australia is not the origin of the financial reporting framework used). (Ref A43 and A44)

35.               The report shall include a section directly following the Conclusion section, with the heading "Basis for Conclusion", that:

(a)                States that the review of the financial report was conducted in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity;

(b)                Refers to the section of the auditor's review report that describes the auditor's responsibilities; and

(c)                Includes a statement that the auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit of the annual financial report, 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.

36.               The auditor's report shall include a section with a heading "Responsibilities of Management for the Financial Report". The auditor's review report shall use the term that is appropriate in the context of the legal framework in the particular jurisdiction and need not refer specifically to "management". In some jurisdictions the appropriate reference may be to those charged with governance. This section of the report shall describe the responsibilities of management for the preparation of the financial report in accordance with the applicable financial reporting framework, and for such internal control as management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

37.               When the financial report is prepared in accordance with a fair presentation framework, the description of responsibilities of management for