Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p12
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 12/23)
Character Range: 38299–41234

with ASA 701.[19]

                    The auditor has obtained no other information prior to the date of the auditor's report but expects to obtain the other information after the date of the auditor's report.

                    In addition to the audit of the financial report, the auditor has other reporting responsibilities required under section 308(C) of the Corporations Act 2001.

INDEPENDENT AUDITOR'S REPORT

[Appropriate Addressee]

Report on the Audit of the Financial Report[*]

Qualified Opinion

We have audited the financial report of ABC Company Ltd., (the Company) which comprises the statement of financial position as at 30 June 20X1, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, and the directors' declaration.

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial report of ABC Company Ltd. is in accordance with the Corporations Act 2001, including:

    (i)            giving a true and fair view of the company's financial position as at 30 June 20X1, and of its financial performance for the year then ended; and

    (ii)          complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Qualified Opinion

As discussed in Note X to the financial report, no depreciation has been provided in the financial report which constitutes a departure from Australian Accounting Standards.  This is the result of a decision taken by the directors at the start of the preceding financial year and caused us to qualify our audit opinion on the financial report relating to that year.  Based on the straight‑line method of depreciation and annual rates of 5% for the building and 20% for the equipment, the loss for the year should be increased by $xxx in 20X1 and $xxx in 20X0, property, plant and equipment should be reduced by accumulated depreciation of $xxx in 20X1 and $xxx in 20X0, and the accumulated loss should be increased by $xxx in 20X1 and $xxx in 20X0.

We conducted our audit in accordance with Australian Auditing Standards.  Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report.  We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia.  We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence