Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p2
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 2/23)
Character Range: 10146–13444

financial report of the prior period has been audited by a predecessor auditor or was not audited, the requirements and guidance in ASA 510[1] regarding opening balances also apply.

The Nature of Comparative Information

2.                   The nature of the comparative information that is presented in an entity's financial report depends on the requirements of the applicable financial reporting framework.  There are two different broad approaches to the auditor's reporting responsibilities in respect of such comparative information: corresponding figures and comparative financial reports.  The approach to be adopted is often specified by law or regulation but may also be specified in the terms of engagement.

3.                   The essential audit reporting differences between the approaches are:

(a)                For corresponding figures, the auditor's opinion on the financial report refers to the current period only; whereas

(b)                For comparative financial reports, the auditor's opinion refers to each period for which a financial report is presented.

    This Auditing Standard addresses separately the auditor's reporting requirements for each approach.

Effective Date

4.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objectives

5.                   The objectives of the auditor are:

(a)                To obtain sufficient appropriate audit evidence about whether the comparative information included in the financial report has been presented, in all material respects, in accordance with the requirements for comparative information in the applicable financial reporting framework; and

(b)                To report in accordance with the auditor's reporting responsibilities.

Definitions

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

(a)                Comparative information means the amounts and disclosures included in the financial report in respect of one or more prior periods in accordance with the applicable financial reporting framework.

(b)                Corresponding figures mean comparative information where amounts and other disclosures for the prior period are included as an integral part of the current period financial report, and are intended to be read only in relation to the amounts and other disclosures relating to the current period (referred to as "current period figures").  The level of detail presented in the corresponding amounts and disclosures is dictated primarily by its relevance to the current period figures.

(c)                Comparative financial reports means comparative information where amounts and other disclosures for the prior period are included for comparison with the financial report of the current period but, if audited, are referred to in the auditor's opinion.  The level of information included in those comparative financial reports is comparable with that of the financial report of the current period.

Aus 6.1  In accordance with the applicable financial reporting framework of the Corporations Act 2001 and Australian Accounting Standards, comparative information refers to corresponding figures.

    For purposes of this Auditing Standard, references to "prior period" should be read as