Document ID: chunk:federal_register_of_legislation:F2023C01137:body:0:p21
Version: federal_register_of_legislation:F2023C01137
Segment Type: other
Provision Reference: 
Character Range: 57400–60343

ASA 210.

      * The auditor was unable to obtain sufficient appropriate audit evidence regarding an investment in a foreign associate.  The possible effects of the inability to obtain sufficient appropriate audit evidence are 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 all of the other information prior to the date of the auditor's report and the matter giving rise to the qualified opinion on the financial report also affects 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), 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, notes comprising material accounting policy information, and the directors' declaration.

In our opinion, except for the 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 2001, including:

    (a)                giving a true and fair view of the Group's financial position as at 30 June 20X1 and of its financial performance for the year then ended; and

    (b)                complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Qualified Opinion

The ABC Company's investment in XYZ Company, a foreign associate acquired during the year and accounted for by the equity method, is carried at $xxx on the consolidated statement of financial position as at 30 June 20X1, and ABC Company's share of XYZ Company's net income of $xxx is included in ABC Company's income for the year then ended.  We were unable to obtain sufficient appropriate audit evidence about the carrying amount of ABC Company's investment in XYZ Company as at 30 June 20X1 and ABC Company's share of XYZ Company's net income for the