Document ID: chunk:federal_register_of_legislation:F2023C00341:reg:4:p33
Version: federal_register_of_legislation:F2023C00341
Segment Type: reg
Provision Reference: reg 4 (pt 33/42)
Character Range: 102200–105208

accordance with Australian Accounting Standards (a general purpose framework) and under the Corporations Act 2001.  The directors have elected to report only the consolidated financial position and financial results in the primary financial statements.

     * The terms of the audit engagement reflect the description of the directors' responsibility for the financial report in ASA 210.

     * The group engagement team was unable to obtain sufficient appropriate audit evidence relating to a significant component accounted for by the equity method (recognised at $15 million in the statement of financial position, which reflects total assets of $60 million) because the group engagement team did not have access to the accounting records, management, or auditor of the component.

     * The group engagement team has read the audited financial report of the component as of 30 June 20X1, including the auditor's report thereon, and considered related financial information kept by group management in relation to the component.

     * In the group engagement partner's judgement, the possible effect of the inability to obtain sufficient appropriate audit evidence is deemed to be material but not pervasive to the financial report (i.e. a qualified opinion is appropriate.)

     * The relevant ethical requirements that apply to the audit are the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards).

     * Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does not exist related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern in accordance with ASA 570.

     * Key audit matters have been communicated in accordance with ASA 701.

     * 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(3C) 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) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 20X1, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated 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 the Group is in accordance with the Corporations Act