Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p1
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 1/53)
Character Range: 10671–14373

39                                                                                                              Amended               ASA 2022-1 [37]
Footnote 18                                                                                                     Addition              ASA 2022-1 [37]
A38                                                                                                             Amended               ASA 2022-1 [38]
Existing footnote 28                                                                                            Amended               ASA 2022-1 [38]
A39                                                                                                             Amended               ASA 2022-1 [39]
Existing footnote 29                                                                                            Amended               ASA 2022-1 [39]
Appendix 1 – Illustration 2A                                                                                    Amended               ASA 2022-1 [40]

AUTHORITY STATEMENT

 Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 15 March 2023) is set out in paragraphs Aus 0.1 to A84 and Appendix 1.

 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 700 Forming an Opinion and Reporting on a Financial 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 requirements are additional to ISA 700:

      * Paragraph Aus 28.1(c) requires the auditor to identify the relevant ethical requirements applicable within Australia when providing the basis for opinion.

      * Aus 42.1 requires that when the auditor elects to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor's report.

      * Paragraph Aus 46.1 requires the name of the engagement partner to be included in the auditor's report where required by law or regulation.

      * Paragraph Aus 49.1 requires that the auditor's report be dated as of the date the auditor signs that report.

      * Paragraph Aus 50.1(e) requires the auditor to identify the relevant ethical requirements applicable within Australia when using an auditor's report prescribed by law or regulation.

      * Paragraph Aus 50.1(l) requires the name of the engagement partner where required by law or regulation when using an auditor's report prescribed by law or regulation.

The following application and other explanatory material is additional to ISA 700:

      * Paragraph Aus A57.1 identifies the Auditing and Assurance Standards Board and its website address when an auditor refers to a description of the auditor's responsibilities on a website.

      * Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in