Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p10
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 10/57)
Character Range: 36040–39294

The possibility of resigning from the appointment to audit the annual financial report.  (Ref:  Para.A37 and A62)

31.               When, as a result of performing the review of a financial report, a matter comes to the auditor's attention that indicates the existence of fraud or non‑compliance with laws and regulations, or suspected fraud or non‑compliance with laws and regulations, the auditor shall:

(a)                Communicate the matter unless prohibited by law or regulation, as soon as practicable to management and where appropriate those charged with governance;

(b)                Request management's assessment of the effect (s) on the financial report;

(c)                Consider the effect on the auditor's conclusion and the auditor's review report; and

(d)                Determine whether law, regulation or relevant ethical requirements:

(i)                 require the auditor to report to an appropriate authority outside the entity;

(ii)               establish responsibilities under which reporting to an appropriate authority outside the entity may be appropriate in the circumstances. (Ref: Para. A39 – A41)

32.               The auditor shall communicate relevant matters of governance interest arising from the review of the financial report to those charged with governance.  (Ref: Para. A42 and A63)

Reporting the Nature, Extent and Results of the Review of a Financial Report

33.               The auditor shall issue a written report that contains the following:

(a)                An appropriate title clearly identifying it as a review report of the independent auditor of the entity.

(b)                An addressee, as required by the circumstances of the engagement.

34.               The first section of the auditor's review report shall include the auditor's conclusion, and shall have the heading "Conclusion".  The Conclusion section of the auditor's review report shall:

(a)                Identify the entity whose financial report has been reviewed;

(b)                State that the financial report has been reviewed;

(c)                Identify the title of each statement comprising the financial report;

(d)                Refer to the notes, including a summary of significant accounting policies and other explanatory notes[2];

(e)                Specify the date or, or the period covered by, each statement comprising the financial report; and

(f)                 Include a conclusion:

(i)                 When expressing an unmodified conclusion on a half-year financial report prepared in accordance with the Corporations Act 2001, the report shall include a conclusion as to whether the auditor has become aware of any matter that makes the auditor believe that the half-year financial report does not comply with the Corporations Act 2001, including giving a true and fair view of the financial position and its performance, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulation 2001[3].

(ii)               When expressing an unmodified conclusion on a financial report prepared in accordance with a fair presentation framework, the report shall include a conclusion as to whether anything has come to the auditor's