Document ID: chunk:federal_register_of_legislation:F2023C01137:body:0:p23
Version: federal_register_of_legislation:F2023C01137
Segment Type: other
Provision Reference: 
Character Range: 62690–65724

other information.[#]]

Responsibilities of the Directors for the Financial Report

[Reporting in accordance with ASA 700 – see [Aus] Illustration 2A in ASA 700.]

Auditor's Responsibilities for the Audit of the Financial Report

[Reporting in accordance with ASA 700 – see [Aus] Illustration 2A in ASA 700.]

Report on the Remuneration Report[§]

[Reporting in accordance with ASA 700 – see [Aus] Illustration 2A in ASA 700.]

[Auditor's name and signature][*]

[Name of Firm]

[Date of the auditor's report]

[Auditor's address]

Example Auditor's Report
Consolidated Entity (not listed)
(Fair Presentation Framework)

Illustration 4 – Disclaimer of Opinion due to the Auditor's Inability to Obtain Sufficient Appropriate Audit Evidence about a Single Element of the Financial Report

For purposes of this illustrative auditor's report, the following circumstances are assumed:

      * Audit of a financial report of an entity other than a listed entity, and its subsidiaries (the Group).  The audit is a group audit (i.e., ASA 600 applies).

      * The financial report is prepared by management of the entity in accordance with Australian Accounting Standards (a general purpose framework).  The financial report is not prepared in accordance with the Corporations Act 2001.

      * The terms of the audit engagement reflect the description of management's responsibility for the financial report in ASA 210.

      * The auditor was unable to obtain sufficient appropriate audit evidence about a single element of the financial report.  That is, the auditor was also unable to obtain audit evidence about the financial information of a joint venture investment that represents over 90% of the entity's net assets.  The possible effects of this inability to obtain sufficient appropriate audit evidence are deemed to be both material and pervasive to the financial report (i.e., a disclaimer of opinion is appropriate).

      * The relevant ethical requirements that apply to the audit are the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards).

      * Inclusion of key audit matters is not permitted under paragraph 29.

      * The auditor is not permitted to include an other information section in accordance with ASA 720[*].

      * Those responsible for oversight of the financial report differ from those responsible for the preparation of the financial report.

      * A more limited description of the auditor's responsibilities section is required.

      * In addition to the audit of the financial report, the auditor has other reporting responsibilities required under law.

INDEPENDENT AUDITOR'S REPORT

To the Members of ABC Entity [or Other Appropriate Addressee]

Report on the Audit of the Financial Report[*]

Disclaimer of Opinion

We were engaged to audit the financial report of ABC Entity and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June