Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p3
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 3/23)
Character Range: 13148–16377

period.

Aus 6.1  In accordance with the applicable financial reporting framework of the Corporations Act 2001 and Australian Accounting Standards, comparative information refers to corresponding figures.

    For purposes of this Auditing Standard, references to "prior period" should be read as "prior periods" when the comparative information includes amounts and disclosures for more than one period.

Requirements

Audit Procedures

7.                   The auditor shall determine whether the financial report includes the comparative information required by the applicable financial reporting framework and whether such information is appropriately classified.  For this purpose, the auditor shall evaluate whether:

(a)                The comparative information agrees with the amounts and other disclosures presented in the prior period or, when appropriate, have been restated; and

(b)                The accounting policies reflected in the comparative information are consistent with those applied in the current period or, if there have been changes in accounting policies, whether those changes have been properly accounted for and adequately presented and disclosed.

8.                   If the auditor becomes aware of a possible material misstatement in the comparative information while performing the current period audit, the auditor shall perform such additional audit procedures as are necessary in the circumstances to obtain sufficient appropriate audit evidence to determine whether a material misstatement exists.  If the auditor had audited the prior period's financial report, the auditor shall also follow the relevant requirements of ASA 560.[2]  If the prior period financial report is amended, the auditor shall determine that the comparative information agrees with the amended financial report.

9.                   As required by ASA 580,[3] the auditor shall request written representations for all periods referred to in the auditor's opinion.  The auditor shall also obtain a specific written representation regarding any restatement made to correct a material misstatement in the prior period financial report that affects the comparative information.  (Ref: Para. A1)

Audit Reporting

Corresponding Figures

10.               When corresponding figures are presented, the auditor's opinion shall not refer to the corresponding figures except in the circumstances described in paragraphs 11, 12, and 14 of this Auditing Standard.  (Ref: Para. A2)

11.               If the auditor's report on the prior period, as previously issued, included a qualified opinion, a disclaimer of opinion, or an adverse opinion and the matter which gave rise to the modification is unresolved, the auditor shall modify the auditor's opinion on the current period's financial report.  In the Basis for Modification paragraph in the auditor's report, the auditor shall either:

(a)                Refer to both the current period's figures and the corresponding figures in the description of the matter giving rise to the modification when the effects or possible effects of the matter on the current period's figures are material; or

(b)                In other cases, explain that the audit opinion has