Document ID: chunk:federal_register_of_legislation:F2021C01247:reg:10:p8
Version: federal_register_of_legislation:F2021C01247
Segment Type: reg
Provision Reference: reg 10 (pt 8/21)
Character Range: 26776–29726

special considerations addressed in paragraphs A15–A19 below helpful.

Going Concern

A15.         A special purpose financial report may or may not be prepared in accordance with a financial reporting framework for which the going concern basis of accounting is relevant (e.g., the going concern basis of accounting is not relevant for some financial report prepared on a tax basis in particular jurisdictions).[18]  Depending on the applicable financial reporting framework used in the preparation of the special purpose financial report, the description in the auditor's report of management's responsibilities[19] relating to going concern may need to be adapted as necessary.  The description in the auditor's report of the auditor's responsibilities[20] may also need to be adapted as necessary depending on how ASA 570 applies in the circumstances of the engagement.

Key Audit Matters

A16.         ASA 700 requires the auditor to communicate key audit matters in accordance with ASA 701[21] for audits of a general purpose financial report of listed entities.  For audits of a special purpose financial report, ASA 701 only applies when communication of key audit matters in the auditor's report on the special purpose financial report is required by law or regulation or the auditor otherwise decides to communicate key audit matters.  When key audit matters are communicated in the auditor's report on a special purpose financial report, ASA 701 applies in its entirety.[22]

Other Information

A17.         ASA 720[23] deals with the auditor's responsibilities relating to other information.  In the context of this Auditing Standard, reports containing or accompanying the special purpose financial report—the purpose of which is to provide owners (or similar stakeholders) with information on matters presented in the special purpose financial report—are considered to be annual reports for the purpose of ASA 720.  In the case of a financial report prepared using a special purpose framework, the term "similar stakeholders" includes the specific users whose financial information needs are met by the design of the special purpose framework used to prepare the special purpose financial report.  When the auditor determines that the entity plans to issue such a report, the requirements in ASA 720 apply to the audit of the special purpose financial report.

Name of the Engagement Partner

A18.          [Deleted by the AUASB. Refer Aus A18.1]

Aus 18.1 The requirement in ASA 700 for the name of the engagement partner to be included in the auditor's report where required by law or regulation also applies to audits of special purpose financial reports.[*]

Inclusion of a Reference to the Auditor's Report on the General Purpose Financial Report

A19.         The auditor may deem it appropriate to refer, in an Other Matter paragraph in the auditor's report on the special purpose financial report, to the auditor's report on the