Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p2
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 2/57)
Character Range: 12537–15890

to the extent described above, with International Standard ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the IAASB.  Generally, when the text of an International Standard is modified by the AUASB as part of its due process, additional or modified paragraphs are identified through the use of an "Aus." prefix.  Due to the extensive number of additions and restricting of the standard, "Aus." paragraphs have not been used to identify Australian additions or modifications.  The main differences between this Auditing Standard and ISRE 2410 are:

      1. This Auditing Standard contains the following requirements that are not contained in ISRE 2410:

           * This Auditing Standard applies to:

                                a review, by the auditor of the entity, of a financial report for a half‑year in accordance with the Corporations Act 2001; and

                                a review, by the auditor of the entity, of a financial report, or a complete set of financial statements, comprising historical financial information, for any other purpose (Ref: Para. 1(a) and (b)).

           * Where in rare and exceptional circumstances, factors outside the auditor's control prevent the auditor from complying with an essential procedure contained within a relevant requirement, the auditor shall:

                                if possible, perform appropriate alternative procedures; and

                                document in the working papers:

                    * the circumstances surrounding the inability to comply;

                    * the reasons for the inability to comply; and

                    * justification of how alternative procedures achieve the objectives of the requirement.

         When the auditor is unable to perform appropriate alternative procedures, the auditor shall consider the implications for the auditor's review report (Ref: Para. 7).

           * The auditor shall, prior to agreeing the terms of the engagement, determine whether the financial reporting framework is acceptable and obtain agreement from management and, where appropriate, those charged with governance, that it acknowledges and understands its responsibility:

                                for the preparation of the financial report including where relevant their fair presentation;

                                for such internal controls as management and, where appropriate, those charged with governance, deems necessary to enable the preparation of the financial report that is free from material misstatement; and

                                to provide the auditor with:

                    * access to information relevant to the preparation of the financial report;

                    * additional information that the auditor may request for the purposes of the review engagement; and

                    * unrestricted access to persons from whom the auditor determines it necessary to obtain evidence (Ref: Para. 11).

           * The auditor shall agree the terms of the engagement with the entity, which shall be recorded in writing by the auditor and forwarded to the entity.  When the review engagement is undertaken pursuant to legislation, the minimum applicable terms are those contained in the legislation