Document ID: chunk:federal_register_of_legislation:F2021C01247:reg:10:p14
Version: federal_register_of_legislation:F2021C01247
Segment Type: reg
Provision Reference: reg 10 (pt 14/21)
Character Range: 43135–46119

matters in accordance with ASA 701.

      * The auditor has determined that there is no other information (i.e., the requirements of ASA 720 do not apply).

      * Those responsible for oversight of the financial report differ from those responsible for the preparation of the financial report.

      * The auditor has no other reporting responsibilities required under law or regulation.

INDEPENDENT AUDITOR'S REPORT

[Appropriate Addressee]

Opinion

We have audited the financial report of ABC Partnership (the Partnership), which comprises the balance sheet as at 31 December 20X1 and the income statement for the year then ended, and notes to the financial report, including a summary of significant accounting policies and management's assertion statement.[*]

In our opinion, the accompanying financial report of the Partnership for the year ended 31 December 20X1 is prepared, in all material respects, in accordance with [describe the applicable income tax law] of Jurisdiction X.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial report section of our report.  We are independent of the Partnership in accordance with the ethical requirements of the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia, and we have fulfilled our other ethical responsibilities in accordance with the Code.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter – Basis of Accounting and Restriction on Distribution

We draw attention to Note X to the financial report, which describes the basis of accounting.  The financial report is prepared to assist the partners of the Partnership in preparing their individual income tax returns.  As a result, the financial report may not be suitable for another purpose.  Our report is intended solely for the Partnership and its partners and should not be distributed to parties other than the Partnership or its partners.  Our opinion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the Financial Report[28]

Management is responsible for the preparation of the financial report in accordance with the tax basis of accounting in Jurisdiction X and for such internal control as management determines is necessary to enable the preparation of financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis