Document ID: chunk:federal_register_of_legislation:F2021C01247:reg:10:p10
Version: federal_register_of_legislation:F2021C01247
Segment Type: reg
Provision Reference: reg 10 (pt 10/21)
Character Range: 32169–35248

a result of changes to the Australian Accounting Standards impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements[#]]

[Aus] Illustration 5: An auditor's report on a financial report prepared by a not-for-profit incorporated association in accordance with the financial reporting provisions of the applicable legislation (for purposes of this illustration, a fair presentation framework).
Illustration 1: An auditor's report on a financial report of an entity other than a listed entity prepared in accordance with the financial reporting provisions of a contract (for purposes of this illustration, a compliance framework).

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

      * The financial report has been prepared by management of the entity in accordance with the financial reporting provisions of a contract (that is, a special purpose framework).  Management does not have a choice of financial reporting frameworks.  The financial report is not prepared under the Corporations Act 2001.

      * The applicable financial reporting framework is a compliance framework.

      * An auditor's report on the general purpose financial report was not issued.

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

      * The auditor has concluded an unmodified (i.e., "clean") opinion is appropriate based on the audit evidence obtained.

      * 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).

      * Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does not exist related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern in accordance with ASA 570.

      * Distribution and use of the auditor's report are restricted.

      * The auditor is not required, and has otherwise not decided, to communicate key audit matters in accordance with ASA 701.

      * The auditor has determined that there is no other information (i.e., the requirements of ASA 720 do not apply).

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

      * The auditor has no other reporting responsibilities required under law or regulation.

INDEPENDENT AUDITOR'S REPORT

[Appropriate Addressee]

Opinion

We have audited the financial report of ABC Company (the Company), which comprises the balance sheet as at 31 December 20X1, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes to the financial report, including a summary of significant accounting policies and management's assertion statement[*].

In our opinion, the accompanying financial report of the Company for the year ended 31