Document ID: chunk:federal_register_of_legislation:F2023C00370:reg:9:p9
Version: federal_register_of_legislation:F2023C00370
Segment Type: reg
Provision Reference: reg 9 (pt 9/13)
Character Range: 29030–32234

2001 does not provide for split opinions.[*]

Example Auditor's Report
Qualified Opinion—Jurisdiction Prohibits a Qualified Opinion on Performance and Cash Flows and an Unmodified Opinion on Financial Position
Corporations Act 2001

(Fair Presentation Framework)
[Aus] Illustration 2A:
For purposes of this illustrative auditor's report, the following circumstances are assumed:
                    Audit of the financial report of a single listed company.  The audit is not a group audit (i.e., ASA 600[13] does not apply).
                    The financial report is prepared by the directors of the company in accordance with Australian Accounting Standards (a general purpose framework) and under the Corporations Act 2001.
                    The terms of the audit engagement reflect the description of the directors responsibility for the financial report in ASA 210.[14]
                    The auditor did not observe the counting of the physical inventory at the beginning of the current period and was unable to obtain sufficient appropriate audit evidence regarding the opening balances of inventory.
                    The possible effects of the inability to obtain sufficient appropriate audit evidence regarding opening balances of inventory are deemed to be material but not pervasive to the entity's financial performance and cash flows.
                    The financial position at year end is fairly presented.
                    In this jurisdiction, law and regulation prohibit the auditor from giving an opinion which is qualified regarding the financial performance and cash flows and unmodified regarding financial position.
                    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 company's ability to continue as a going concern in accordance with ASA 570.[15]
                    Key audit matters have been communicated in accordance with ASA 701.[16]
                    Corresponding figures are presented, and the prior period's financial report was audited by a predecessor auditor.  The auditor is not prohibited by law or regulation from referring to the predecessor auditor's report on the corresponding figures and has decided to do so.
                    The auditor has obtained all of the other information prior to the date of the auditor's report and has not identified a material misstatement of the other information.[*]
                    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), which comprises the statement of financial position as at 30 June 20X1, the