Document ID: chunk:federal_register_of_legislation:F2021C01247:reg:10:p19
Version: federal_register_of_legislation:F2021C01247
Segment Type: reg
Provision Reference: reg 10 (pt 19/21)
Character Range: 56897–59897

of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

      * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control.

      * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

      * Conclude on the appropriateness of management's 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 Entity'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 Entity to cease to continue as a going concern.

      * Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

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.

[Auditor's name and signature][*]

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

[Auditor's address]

[*]  Early adoption, in conjunction with ASA 315 Identifying and Assessing the Risks of Material Misstatement, permitted.
[1]  ASA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
[2]  ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, paragraph 13(a).
[*]  ASA 200, paragraph Aus 13.1.
[#]  Where considered applicable.
[3]  ASA 210 Agreeing the Terms of Audit Engagements, paragraph 6(a).
[4]  See ASA 200, paragraph 18.
[5]  See ASA 315 Identifying and Assessing the Risks of Material Misstatement, paragraph 19(b).
[6]  ASA 700 Forming an Opinion and Reporting on a Financial Report.
[7]  See ASA 700, paragraph 15.
[8]  Or other term that