Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p6
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 6/23)
Character Range: 21710–24721

information.

Audit Reporting

Corresponding Figures

No Reference in Auditor's Opinion (Ref: Para. 10)

A2.             The auditor's opinion does not refer to the corresponding figures because the auditor's opinion is on the current period financial report as a whole, including the corresponding figures.

Modification in Auditor's Report on the Prior Period Unresolved (Ref: Para. 11)

A3.             When the auditor's report on the prior period, as previously issued, included a qualified opinion, a disclaimer of opinion, or an adverse opinion and the matter which gave rise to the modified opinion is resolved and properly accounted for or disclosed in the financial report in accordance with the applicable financial reporting framework, the auditor's opinion on the current period need not refer to the previous modification.

A4.             When the auditor's opinion on the prior period, as previously expressed, was modified, the unresolved matter that gave rise to the modification may not be relevant to the current period figures.  Nevertheless, a qualified opinion, a disclaimer of opinion, or an adverse opinion (as applicable) may be required on the current period's financial report because of the effects or possible effects of the unresolved matter on the comparability of the current and corresponding figures.

A5.             Illustrative examples of the auditor's report if the auditor's report on the prior period included a modified opinion and the matter giving rise to the modification is unresolved are contained in Illustrations 1, [Aus] 1A, 2 and [Aus] 2A of Appendix 1.

Misstatement in Prior Period Financial Report (Ref: Para. 12)

A6.             When a prior period financial report that is misstated has not been amended and an auditor's report has not been reissued, but the corresponding figures have been properly restated or appropriate disclosures have been made in the current period financial report, the auditor's report may include an Emphasis of Matter paragraph describing the circumstances and referring to, where relevant, disclosures that fully describe the matter that can be found in the financial report (see ASA 706).

Prior Period Financial Report Audited by a Predecessor Auditor (Ref: Para. 13)

A7.             An illustrative example of the auditor's report if the prior period financial report was audited by a predecessor auditor and the auditor is not prohibited by law or regulation from referring to the predecessor auditor's report on the corresponding figures is contained in Illustration 3 of Appendix 1.

Prior Period Financial Report Not Audited (Ref: Para. 14)

A8.             If the auditor is unable to obtain sufficient appropriate audit evidence regarding the opening balances, the auditor is required by ASA 705[8] to express a qualified opinion or disclaim an opinion on the financial report, as appropriate, in accordance with ASA 705.  If the auditor encountered significant difficulty in obtaining sufficient appropriate audit