Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p8
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 8/23)
Character Range: 27150–30127

the financial report, as appropriate, in accordance with ASA 705.   If the auditor encountered significant difficulty in obtaining sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period's financial report, the auditor may determine this to be a key audit matter in accordance with ASA 701.

Prior Period Financial Report Audited by a Predecessor Auditor (Ref: Para. 18)

Aus A12.1 In respect of audit engagements conducted under the Corporations Act 2001, if the prior period auditor's report on the prior period financial report is amended by a predecessor auditor during the current financial year, the auditor is unable to express an opinion in the current period auditor's report in respect of that amendment.

A13.         The predecessor auditor may be unable or unwilling to reissue the auditor's report on the prior period financial report.  An Other Matter paragraph of the auditor's report may indicate that the predecessor auditor reported on the financial report of the prior period before amendment.

In addition, if the auditor is engaged to audit and obtains sufficient appropriate audit evidence to be satisfied as to the appropriateness of the amendment, the auditor's report may also include the following paragraph:

         As part of our audit of the 20X2 financial report, we also audited the adjustments described in Note X that were applied to amend the 20X1 financial report.  In our opinion, such adjustments are appropriate and have been properly applied.  We were not engaged to audit, review, or apply any procedures to the 20X1 financial report of the entity other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 20X1 financial report taken as a whole.
Appendix 1

 (Ref: Para. A5, A7, A9)

Illustrations of Auditors' Reports on a General Purpose Financial Report — Corresponding Figures and Comparative Financial Reports
(Fair Presentation Framework)

      * Illustration 1: An auditor's report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period's financial report.

      * [Aus] Illustration 1A: An auditor's report on a financial report, containing a qualified opinion due to a material misstatement of prior period corresponding figures, which impact the current period's financial report.  (under the Corporations Act 2001).

      * Illustration 2: An auditor's report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report.

      * [Aus] Illustration 2A: An auditor's report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the