Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p2
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 2/53)
Character Range: 14126–17069

refers to a description of the auditor's responsibilities on a website.

      * Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in the auditor's report and includes a reference to ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report for further requirements and guidance relevant to Other Matter paragraphs.

      * The Appendix includes [Aus] Illustration 1A and [Aus] Illustration 2A example auditor's reports (in respect of a single company and a group) that conform with the requirements of the Corporations Act 2001.

      * Paragraphs Aus A58.1; Aus A59.1; and Aus A64.1 refer to requirements under the Corporations Act 2001.

      * Paragraph Aus A61.1 refers to ASQM 1 and name of the engagement partner.

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 700 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.  There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISA 700.

Auditing Standard ASA 700

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 1 December 2015.

This compiled version of ASA 700 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 15 March 2023 (see Compilation Details).

Auditing Standard ASA 700

Forming an Opinion and Reporting on a Financial Report

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods ending on or after 15 December 2016.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with the auditor's responsibility to form an opinion on the financial report.  It also deals with the form and content of the auditor's report issued as a result of an audit of a financial report.