Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p10
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 10/23)
Character Range: 32764–35667

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 the auditor's report.
                    Those responsible for oversight of the financial report differ from those responsible for the preparation of the financial report.
                    In addition to the audit of the financial report, the auditor has other reporting responsibilities required under local law.

INDEPENDENT AUDITOR'S REPORT

To the Members of ABC Entity [or other Appropriate Addressee]

Report on the Audit of the Financial Report[14]

Qualified Opinion

We have audited the financial report of ABC Entity (the Entity), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, and the declaration by those charged with governance.[*]

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 presents fairly, in all material respects, (or gives a true and fair view of) the financial position of the Entity as at 30 June 20X1, and (of) its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards.

Basis for Qualified Opinion

As discussed in Note X to the financial report, no depreciation has been provided in the financial report which constitutes a departure from Australian Accounting Standards.  This is the result of a decision taken by management at the start of the preceding financial year and caused us to qualify our audit opinion on the financial report relating to that year.  Based on the straight‑line method of depreciation and annual rates of 5% for the building and 20% for the equipment, the loss for the year should be increased by $xxx in 20X1 and $xxx in 20X0, property, plant and equipment should be reduced by accumulated depreciation of $xxx in 20X1 and $xxx in 20X0, and the accumulated loss should be increased by $xxx in 20X1 and $xxx in 20X0.

We conducted our audit in accordance with Australian Auditing Standards.  Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report.  We are independent of the Entity in accordance with the ethical requirements of the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia.  We have