Document ID: chunk:federal_register_of_legislation:F2023C00335:body:0:p3
Version: federal_register_of_legislation:F2023C00335
Segment Type: other
Provision Reference: 
Character Range: 6705–9794

4          Amended       ASA 2023-1 [37]

AUTHORITY STATEMENT

 Auditing Standard ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report (as amended to 15 March 2023) is set out in paragraphs Aus 0.1 to A18 and Appendices 1 to 4.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix "Aus".

The following application and other explanatory material is additional to ISA 706:

      * Paragraph Aus A8.1 refers to requirements under the Corporations Act 2001.

      * Appendix 3 comprises [Aus] Illustration 1A Example auditor's report that conforms with the requirements of the Corporations Act 2001.

      * Appendix 4 comprises [Aus] Illustration 2A Example auditor's report on a financial report that is not prepared under the Corporations Act 2001.

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 706 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.  There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISA 706.

Auditing Standard ASA 706

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 1 December 2015.

This compiled version of ASA 706 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 15 March 2023 (see Compilation Details).

Auditing Standard ASA 706

Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report

Application

         Aus 0.1 This Auditing Standard applies to:

             (a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act