Document ID: chunk:federal_register_of_legislation:F2025C00096:body:0:p62
Version: federal_register_of_legislation:F2025C00096
Segment Type: other
Provision Reference: 
Character Range: 177336–180351

assets of $60 million) because the group auditor did not have access to the accounting records, management, or auditor of the component.

      * The group auditor has read the audited financial report of the component as at 31 December, 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 effect on the group financial report of this inability to obtain sufficient appropriate audit evidence is material but not pervasive.[*]

      * The APESB Code comprises all of the relevant ethical requirements that apply to the audit.

      * 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 entity'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 consolidated financial report, the auditor has other reporting responsibilities required under section 308(3C) of the Corporations Act 2001.

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of ABC Company [or Other Appropriate Addressee]

Report on the Audit of the Consolidated Financial Report[†]

Qualified Opinion

We have audited the consolidated financial report of ABC Company and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December, 20X1, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial report, 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 consolidated financial report of the Group is in accordance with the Corporations Act 2001, including:

     1.                     Giving  a true and fair view of, the consolidated financial position of the Group as at 31 December, 20X1, and (of) its consolidated financial performance and its consolidated cash flows for the year then ended; and

      2.                     Complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Qualified Opinion

ABC Company's investment in XYZ Company, a foreign associate acquired during the year and accounted for by the equity method, is carried at $15 million on the consolidated statement of financial position as at 31 December, 20X1, and ABC's share of XYZ's net income of $1 million is included in the consolidated statement