Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p9
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 9/23)
Character Range: 29851–33034

figures, which impact the comparability of the financial report.

      * [Aus] Illustration 2A: An auditor's report on a current period financial report, containing a qualified opinion due to a material misstatement of the prior period corresponding figures, which impact the comparability of the financial report.  (under the Corporations Act 2001).

      * Illustration 3: An auditor's report on a financial report, contains a reference to the predecessor auditor's prior period auditor's report.

      * Illustration 4: An auditor's report on the current period and prior period's financial reports, containing a qualified opinion due to a material misstatement of the prior period financial report, which impact the current period's financial report.

    Note: Throughout these illustrative auditor's reports, the Opinion section has been positioned first in accordance with ASA 700, and the Basis for Opinion section is positioned immediately after the Opinion section.  Also, the first and last sentence that was included in the extant auditor's responsibilities section is now subsumed as part of the new Basis for Opinion section.

Example Auditor's Report
General Purpose Financial Report
Corresponding Figures
Qualified Opinion on prior year, which materially affects current year financial report (Fair Presentation Framework)
Illustration 1 - Corresponding Figures (Ref: Para. A5)
For purposes of this illustrative auditor's report, the following circumstances are assumed:
                    Audit of the financial report of an entity other than a listed entity.  The audit is not a group audit (i.e., ASA 600[10] does not apply).
                    The financial report is prepared by management of the entity in accordance with Australian Accounting Standards (a general purpose framework).  The financial report is not prepared under the Corporations Act 2001.
                    The terms of the audit engagement reflect the description of management's responsibility for the financial report in ASA 210.[11]
                    The auditor's report on the prior period, as previously issued, included a qualified opinion.
                    The matter giving rise to the modification is unresolved.
                    The effects or possible effects of the matter on the current period's figures are material and require a modification to the auditor's opinion regarding the current period figures.
                    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 entity's ability to continue as a going concern in accordance with ASA 570.[12]
                    The auditor is not required, and has otherwise not decided, to communicate key audit matters in accordance with ASA 701.[13]
                    The auditor has not obtained any other information prior to the date of