Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p50
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 50/53)
Character Range: 148443–151501

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.[47]

                     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.

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]

[*]  Early adoption, in conjunction with ASA 540 Auditing Accounting Estimates and Related Disclosures, permitted.
[#]  Early adoption, in conjunction with ASA 315 Identifying and Assessing the Risks of Material Misstatement, permitted.
[1]  See ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report.
[2]  See ASA 705 Modifications to the Opinion in the Independent Auditor's Report.
[3]  See ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report.
[4]  See ASA 800 Special Considerations—Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks.
[5]  See ASA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
[6]  See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards, paragraph 13(a).
[7]  See paragraphs 25–26 which deal with the phrases used to express this opinion in the case of a fair presentation framework and a compliance framework respectively.
[8]  [Deleted by the AUASB. Refer Aus 8.1]
[*]  See sections 295 and 303 of the Corporations Act 2001.
[#]  See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards, paragraph 13(f) sets out the content of a financial report.