Document ID: chunk:federal_register_of_legislation:F2021C01242:reg:5:p3
Version: federal_register_of_legislation:F2021C01242
Segment Type: reg
Provision Reference: reg 5 (pt 3/12)
Character Range: 13015–16031

date of the financial report and the date of the auditor's report that require adjustment of, or disclosure in, the financial report are appropriately reflected in that financial report in accordance with the applicable financial reporting framework; and

(b)                To respond appropriately to facts that become known to the auditor after the date of the auditor's report, that, had they been known to the auditor at that date, may have caused the auditor to amend the auditor's report.

Definitions

5.                   For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

(a)                Date of the financial report means the date of the end of the latest period covered by the financial report.  Date of approval of the financial report means the date on which all the financial statements that comprise the financial report, including the related notes, have been prepared and those with the recognised authority have asserted that they have taken responsibility for that financial report.  (Ref: Para. A2)

(b)                Date of the auditor's report means the date the auditor dates the report on the financial report in accordance with ASA 700.  (Ref: Para. A3)

(c)                Date the financial report is issued means the date that the auditor's report and audited financial report are made available to third parties.  (Ref: Para. A4‑A5)

(d)                Subsequent events means events occurring between the date of the financial report and the date of the auditor's report, and facts that become known to the auditor after the date of the auditor's report.

Requirements

Events Occurring between the Date of the Financial Report and the Date of the Auditor's Report

6.                   The auditor shall perform audit procedures designed to obtain sufficient appropriate audit evidence that all events occurring between the date of the financial report and the date of the auditor's report that require adjustment of, or disclosure in, the financial report have been identified.  The auditor is not, however, expected to perform additional audit procedures on matters to which previously applied audit procedures have provided satisfactory conclusions.  (Ref: Para. A6)

7.                   The auditor shall perform the procedures required by paragraph 6 of this Auditing Standard so that they cover the period from the date of the financial report to the date of the auditor's report, or as near as practicable thereto.  The auditor shall take into account the auditor's risk assessment in determining the nature and extent of such audit procedures, which shall include the following: (Ref: Para. A7‑A8)

(a)                Obtaining an understanding of any procedures management has established to ensure that subsequent events are identified.

(b)                Enquiring of management and, where appropriate, those charged with governance, as to whether any subsequent events have occurred which might affect the financial