Document ID: chunk:federal_register_of_legislation:F2021C01247:reg:10:p13
Version: federal_register_of_legislation:F2021C01247
Segment Type: reg
Provision Reference: reg 10 (pt 13/21)
Character Range: 40431–43390

use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern.  If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion.  Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.  However, future events or conditions may cause the Company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Signature[*]

[Date of the auditor's report][#]

[Auditor's address]
Illustration 2: An auditor's report on a financial report of an entity other than a listed entity prepared in accordance with the tax basis of accounting in Jurisdiction X (for purposes of this illustration, a compliance framework).

For purposes of this illustrative auditor's report, the following circumstances are assumed:

      * Audit of a financial report that has been prepared by management of a partnership in accordance with the tax basis of accounting in Jurisdiction X (that is, a special purpose framework) to assist the partners in preparing their individual income tax returns.  Management does not have a choice of financial reporting frameworks.  This financial report is not prepared under the Corporations Act 2001.

      * The applicable financial reporting framework is a compliance framework.

      * The terms of the audit engagement reflect the description of management's responsibility for the financial report in ASA 210.

      * The auditor has concluded an unmodified (i.e., "clean") opinion is appropriate based on the audit evidence obtained.

      * 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.

      * Distribution of the auditor's report is restricted.

      * The auditor is not required, and has otherwise not decided, to communicate key audit matters in accordance with ASA 701.

      * The auditor has determined that there is no other information (i.e., the requirements of ASA 720 do not apply).

      * Those responsible for oversight of the financial report differ from those responsible for