Document ID: chunk:federal_register_of_legislation:F2022C01203:reg:11:p2
Version: federal_register_of_legislation:F2022C01203
Segment Type: reg
Provision Reference: reg 11 (pt 2/7)
Character Range: 10083–13205

by guarantee in accordance with the Corporations Act 2001 (the Act); or

(b)                an entity required to report under the Australian Charities and Not‑for‑Profit Commission Act 2012 (Cth) (the ACNC Act); or

(c)                an entity required to report under other applicable legislation or regulation.

Operative Date

2.                   This Auditing Standard on Review Engagements is operative for financial reporting periods ending on or after 30 June 2010.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard on Review Engagements

3.                   This Auditing Standard on Review Engagements deals with the responsibilities of the auditor to review the financial report of:

(a)                A company limited by guarantee that has elected, under section 301(3) of the Act, to have its financial report reviewed instead of audited.  It also deals with the form and content of the review report, which is based on the example review reports contained within existing review standards.[1]

(b)                An entity that has elected, under the ACNC Act, to have its financial report reviewed instead of audited.

(c)                An entity required to report under other applicable legislation or regulation.

Effective Date

4.                   This Auditing Standard on Review Engagements does not apply to the review of a half‑year financial report under the Act.  Refer ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, as amended.

Objective

5.                   The objective of the auditor, is to plan and perform the review of a financial report prepared by a company limited by guarantee or an entity reporting under the ACNC Act or under other applicable legislation or regulation, to enable the auditor to express a conclusion whether, on the basis of the review, anything has come to the auditor's attention that causes the auditor to believe that the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework.

Definitions

6.                   For the purposes of this Auditing Standard on Review Engagements, the following terms have the meanings attributed below:

(a)                A company limited by guarantee means a company limited by guarantee whose obligations are set out in section 285A of the Act.

(b)                A registered company auditor includes an individual who meets the requirements of section 324BE of the Act.

(c)                Revised Legislation means Corporations Amendment (Corporate Reporting Reform) Act 2010.

7.                   The term "auditor" as used in this Auditing Standard on Review Engagements, refers to a registered company auditor or an individual:

(a)                taken to be a registered company auditor under section 324BE of the Act; and/or

(b)                permitted under the ACNC Act to conduct reviews of a financial report; and/or

(c)                permitted to conduct reviews of a financial