Document ID: chunk:federal_register_of_legislation:F2023C01137:body:0:p2
Version: federal_register_of_legislation:F2023C01137
Segment Type: other
Provision Reference: 
Character Range: 2994–6974

Paragraphs

Application......................................................Aus 0.1-Aus 0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Types of Modified Opinions.....................................................2

Effective Date...............................................................3

Objective..................................................................4

Definitions.................................................................5

Requirements

Circumstances When a Modification to the Auditor's Opinion is Required....................6

Determining the Type of Modification to the Auditor's Opinion.........................7-15

Form and Content of the Auditor's Report When the Opinion is Modified.................16-29

Communication with Those Charged with Governance.................................30

Application and Other Explanatory Material

Types of Modified Opinions....................................................A1

Circumstances When a Modification to the Auditor's Opinion is Required..................A2-Aus A12.1

Determining the Type of Modification to the Auditor's Opinion.....................A13-A16

Form and Content of the Auditor's Report When the Opinion is Modified Illustrative Auditor's Reports              A17‑A19
Qualified Opinion..........................................................A20
Basis for Opinion...........................................................A21‑A26
Communication with Those Charged with Governance................................A27
Appendix:  Illustrations of Auditor's Reports with Modifications to the Opinion

COMPILATION DETAILS

Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor's Report (as Amended)

This compilation takes into account amendments made up to and including 15 March 2023 and was prepared on 31 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 705 (December 2015) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards
Standard            Date made        Operative Date
ASA 705 [A]         1 December 2015  Financial reporting periods ending on or after 15 December 2016
ASA 2020-2 [B]      30 June 2020     Financial reporting periods ending on or after 15 July 2020
ASA 2023-1 [C]      15 March 2023    Financial reporting periods commencing on or after 1 January 2023
ASA 2022-1     [D]  27 April 2022    Financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASA 705     F2015L02017          15 December 2015   16 December 2015

ASA 2020‑2  F2020L00885          7 July 2020        8 July 2020

ASA 2023-1  F2023L00295          21 March 2023      22 March 2023

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments

Paragraph affected  How affected  By … [paragraph]
Appendix            Amended       ASA 2020‑2 [56] to [61]
Appendix            Amended       ASA 2023‑1 [31] to [35]
A10                 Amended       ASA 2022-1 [42]

AUTHORITY STATEMENT

 Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor's Report  (as amended to 15 March 2023) is set out in paragraphs Aus 0.1 to A27 and Appendix.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing