Document ID: chunk:federal_register_of_legislation:F2023C00341:reg:4:p34
Version: federal_register_of_legislation:F2023C00341
Segment Type: reg
Provision Reference: reg 4 (pt 34/42)
Character Range: 104956–107829

and the directors' declaration.

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:

    (i)                 giving a true and fair view of the Group's financial position as at 30 June 20X1 and of its financial performance for the year then ended; and

    (ii)               complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Qualified Opinion

ABC Company Ltd's investment in XYZ Entity, a foreign associate acquired during the year and accounted for by the equity method, is carried at $15 million on the statement of financial position as at 30 June 20X1, and ABC's share of XYZ's profit of $1 million is included in the statement of comprehensive income for the year then ended.  We were unable to obtain sufficient appropriate audit evidence about the carrying amount of ABC's investment in XYZ as at 30 June 20X1 and ABC's share of XYZ's profit for the year because we were denied access to the financial information, management, and the auditors of XYZ.  Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

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 Group in accordance with the auditor independence requirements of the Corporations Act 2001 and 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 also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company would be in the same terms if given to the directors as at the time of this auditor's report.[#]

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Key Audit Matters

[Reporting in accordance with ASA 700 – see [Aus] Illustration 2A in the Appendix of ASA 700.]

Other Information [or another title if appropriate such as "Information Other than the Financial Report and Auditor's Report Thereon"]

[Reporting in accordance with the reporting requirements in ASA 720 – see [Aus] Illustration 4A in Appendix 3 of ASA 720.]

Responsibilities of the Directors for the Financial Report

[Reporting in accordance with ASA 700 – see [Aus] Illustration 2A in the Appendix