Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p26
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 26/53)
Character Range: 82674–85659

estimation uncertainty; and the effects on the audit of significant events or transactions that occurred during the period.

Location of the description of the auditor's responsibilities for the audit of the financial report (Ref: Para. 41, 50(k))

A54.         Including the information required by paragraphs 39–40 in an appendix to the auditor's report or, when law, regulation or Australian Auditing Standards expressly permit, referring to a website of an appropriate authority containing such information may be a useful way of streamlining the content of the auditor's report.  However, because the description of the auditor's responsibilities contains information that is necessary to inform users' expectations of an audit conducted in accordance with Australian Auditing Standards, a reference is required to be included in the auditor's report indicating where such information can be accessed.

Location in an appendix (Ref: Para. 41(b), 50(k))

A55.         Paragraph 41 permits the auditor to include the statements required by paragraphs 39‑40 describing the auditor's responsibilities for the audit of the financial report in an appendix to the auditor's report, provided that appropriate reference is made within the body of the auditor's report to the location of the appendix.  The following is an illustration of how such a reference to an appendix could be made in the auditor's report:

         Auditor's Responsibilities for the Audit of the Financial Report

         Our objectives are to obtain reasonable assurance about whether the financial report as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.  Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.

         A further description of our responsibilities for the audit of the financial report is included in appendix X of this auditor's report.  This description, which is located at [indicate page number or other specific reference to the location of the description], forms part of our auditor's report.

    Reference to a website of an appropriate authority (Ref: Para. 41(c), 42)

A56.         Paragraph 41 explains that the auditor may refer to a description of the auditor's responsibilities located on a website of an appropriate authority, only if expressly permitted by law, regulation or Australian Auditing Standards.  The information on the website that is incorporated in the auditor's report by way of a specific reference to the website location where such information can be found may describe the auditor's